AIR INDIA LIKELY TO GET RS 800 CRORE

Air India is likely to receive about Rs 800 crore as the first tranche of equity infusion from the Government by December, Civil Aviation Minister Praful Patel said.





In turn, the Government would review the progress the national carrier makes in implementing a series of cost-cutting and saving enhancement measures on a monthly basis, he told reporters on the sidelines of a function.

"We will see the first tranche of equity infusion in Air India coming in by December," Patel said, adding that the national carrier was initially looking at around Rs 800 crore for the first two months, Patel said.



His announcement came two days after a meeting of the Group of Ministers, headed by Finance Minister Pranab Mukherjee, on the financial health of Air India and the cost- pruning measures it was implementing.



The GoM also approved an interim plan till March which would have to be implemented by the ailing carrier to justify Government's support.





SOURCE;INDIAN EXPRESS