Corporate News | Nacil seeks $1.15 bn torefinance Air India debt

Corporate News | Nacil seeks $1.15 bn torefinance Air India debt

Mumbai: National Aviation Co. of India Ltd., the owner of state carrier Air India, is seeking to raise as much as $1.15 billion (Rs5,382 crore) to refinance loans that funded the purchase of 21 Airbus SAS planes.

The debt will be used to repay loans from a group of Indian banks as Nacil tries to reduce interest payments, according to the company’s website. The government will guarantee the loans, the company said.

Nacil is trying to cut expenses after the government ordered the company to improve its operations to win financial support.



Wockhardt’s quarterly loss at Rs565 crore

Mumbai: Domestic drug maker Wockhardt Ltd on Thursday reported a net loss of Rs565 crore for the quarter ended March.

The figure includes derivatives-related losses and non-cash provisions of Rs633 core for impairment of French subsidiary Negma’s goodwill due to the possible threat of generics to its principal product.

Currency fluctuation also caused a loss of Rs16 crore.

Staff Writer