Air India expects first round of Govt funding by January

Air India expects first round of Govt funding by January
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First Published: Thu, Dec 03 2009. 11 33 AM IST
Updated: Thu, Dec 03 2009. 11 33 AM IST
Mumbai: National Aviation Company of India Ltd, which runs ailing carrier Air India, said it expects the first instalment of government funding to the tune of Rs400 crore by January 2010.
Union civil aviation minister Praful Patel said earlier in November India will infuse equity into the state-run carrier by March, but the airline would have to generate Rs2,000 crore through cost cuts and revenue gains.
Further instalments would be linked to savings effected on account of cost-cutting exercise adopted by the national carrier at various levels, the company said on Tuesday.
Air India will cut its fleet size and network in the coming months it added.
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First Published: Thu, Dec 03 2009. 11 33 AM IST
More Topics: Air India | Nacil | Bailout | Funding | Praful Patel |