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Air India likely to have Budget allocation of Rs1,200 cr

Air India likely to have Budget allocation of Rs1,200 cr
PTI
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First Published: Thu, Feb 04 2010. 02 58 PM IST
Updated: Thu, Feb 04 2010. 02 58 PM IST
Aamby Valley (Maharashtra): Air India expects to get an allocation of Rs 1,200 crore in the forthcoming Budget, civil aviation minister Praful Patel said on Thursday.
“We expect a Rs1,200-crore provision for Air India in the budget,” Patel told reporters on the sidelines of a function at Amby Valley.
Patel said he expected the process of equity infusion of Rs800 crore into the airline by the government to be completed over the next eight to ten days.
On Wednesday, Patel had said in Delhi that while the infusion was likely to occur over the next few days, the government wanted Air India to take “extraordinary” measures for its turnaround.
“We are moving the Cabinet (for equity infusion of Rs800 crore), a note has already been circulated. I think by next week the Cabinet approval should come,” Patel had said after a meeting of the group of ministers formed to look after the revival of Air India.
Further assistance would only be given on achievement of specific revenue enhancement and cost reduction targets by the airline, the minister had said.
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First Published: Thu, Feb 04 2010. 02 58 PM IST
More Topics: Air India | Aviation | Bailout | Capital | Budget 2010 |