NEW DELHI: The much-delayed turnaround plan prepared for cash-strapped Air India is going to be sent for the approval of the group of ministers. "The turnaround plan has been approved by bankers. ... Now it needs to go to a GoM and it should happen very fast ... within the next couple of weeks," aviation minister Vayalar Ravi said here.
A reworked plan was presented before bankers last week to get their nod for restructuring of high cost debt of almost Rs 40,000 crore.
AI, which is now even unable to pay salaries, was last week given approval for advance equity infusion of Rs 250 for the purpose. The government had last fiscal infused Rs 2,000 crore as equity and plans to pump in Rs 1,200 crore this fiscal.
Asked about further infusion, Ravi said: "(we are holding) regular dialogue with the finance ministry. We will continue this dialogue and go to the GoM when necessary," adding that all issues, including routes from which AI has withdrawn, would be taken up by the GoM.
source-http://timesofindia.indiatimes.com/business/india-business/AIs-revival-plan-will-go-to-GoM/articleshow/8856817.cms
stevenson
management trainee-fundamental analyst
DENIP Consultants Pvt Ltd
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