equity infusion of Rs.1,200 crore in
national flag carrier Air India, and the
matter may soon come up for a final
cabinet clearance, two government
officials said. The aviation ministry had sought the
advice of cabinet secretary K.M.
Chandrasekhar and the PMO, in
keeping with new guidelines that
require all big-ticket capital projects to
be reviewed by the two offices before going for cabinet approval.
" There have been no adversarial comments" from the PMO, said one of the government officials, asking not to
be named.
Air India ' s losses have soared to $1 billion (Rs.4,510 crore) since its
merger with Indian Airlines in 2007.
The carrier lost Rs.2,226 crore in
2007-08, Rs.7,189 crore in 2008-09,
and Rs.5,551 crore in 2009-10.
Comparatively, losses in 2006-07 stood at just Rs.448 crore. In 2004-05,
it made a profit of Rs.161.97 crore,
while in 2005-06 profit stood at
Rs.64.44 crore.
The airline' s borrowings have increased from Rs.6,550 crore in 2007
to Rs.19,000 crore now. Its total debt
stands at Rs.40,000 crore.
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