LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Desperate Air India eyes rescue as creditors circle above

National carrier Air India, which is struggling to clear its dues, can expect over Rs 2,121 crore that it has asked from the government on a priority basis only after August, sources said. The airline has been served notices by at least three banks and two lessors for non-payment of their dues, according to a media report.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Desperate Air India eyes rescue as creditors circle above
The Air India management has been left in a lurch after the airline failed to attract any bidders for its privatisation. Image source: Official website
Written By: ZeeBiz WebTeam
Updated: Tue, Jul 31, 2018
10:12 am
ZeeBiz WebDesk
RELATED NEWS
BPCL, CONCOR, SCI, LIC IPO: PM Modi to chair special disinvestment meeting, Anil Singhvi reveals top things on agenda   BPCL, CONCOR, SCI, LIC IPO: PM Modi to chair special disinvestment meeting, Anil Singhvi reveals top things on agenda
Who is Air India Captain Zoya Aggarwal? Her pilot dream come true story is super inspirational Who is Air India Captain Zoya Aggarwal? Her pilot dream come true story is super inspirational
16,000 kilometres, 17 hours! HISTORY CREATED - Air India all-women crew lands in Bengaluru after guiding longest flight over North Pole from San Francisco 16,000 kilometres, 17 hours! HISTORY CREATED - Air India all-women crew lands in Bengaluru after guiding longest flight over North Pole from San Francisco
Creating History! All-women Air India cockpit crew to fly inaugural San Francisco-Bengaluru flight: Civil Aviation Minister Hardeep Singh Puri Creating History! All-women Air India cockpit crew to fly inaugural San Francisco-Bengaluru flight: Civil Aviation Minister Hardeep Singh Puri
Air India Privatisaton News: Check latest update on divestment process, stake sale Air India Privatisaton News: Check latest update on divestment process, stake sale

National carrier Air India, which is struggling to clear its dues, can expect over Rs 2,121 crore that it has asked from the government on a priority basis only after August, sources said. The airline has been served notices by at least three banks and two lessors for non-payment of their dues, according to a media report.

The Air India management has been left in a lurch after the airline failed to attract any bidders for its privatisation. The central government has, at present, shelved the plans of selling the debt-laden carrier and assured its management that required capital will be infused to keep Air India running till it is turned around or sold.

However, as the amount has still not been allotted to the airline, the management is finding it difficult to handle even the basic expenditures for daily operations and has not been able to pay the vendors, bankers, lessors on time. Even the salaries of its employees are regularly getting delayed, which has irked the employees, the insiders said.

Air India owes about Rs 1,800 crore to its vendors, banks and lessors that have demanded payment from the ailing airline.

According to a media report, San Francisco-based Wells Fargo Trust Services and UAE's state-owned Dubai Aerospace Enterprise (DAE) have sent letters of demand for pending rental payments. Three lenders from a 22-bank consortium have also written to Air India, raising concerns that the company is turning into a non-performing asset. The three banks are Standard Chartered Bank, Dena Bank and Bank of India Ltd, the report added.

Air India, with a debt of over Rs 55,000 crore, has been on life support from the government, under which it was assured of receiving Rs 30,000 crore as part of the turnaround plan for 10 years. The airline is currently said to be losing about Rs 10 crore every day.

The loss-making carrier has already received over Rs 26,000 crore under the bailout package.

Watch this Zee Business video here:

Turbulent Times

  • The airline is finding it difficult to handle even the basic expenditures 
  • The salaries of its employees are regularly getting delayed
  • Air India owes about Rs 1,800 cr to vendors, banks and lessors
  • Over Rs 55,000 cr Air India’s total debt
  • About Rs 10 cr The airline is said to be losing every day

Source: DNA Money

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Air India
RELATED NEWS
BPCL, CONCOR, SCI, LIC IPO: PM Modi to chair special disinvestment meeting, Anil Singhvi reveals top things on agenda   BPCL, CONCOR, SCI, LIC IPO: PM Modi to chair special disinvestment meeting, Anil Singhvi reveals top things on agenda
Who is Air India Captain Zoya Aggarwal? Her pilot dream come true story is super inspirational Who is Air India Captain Zoya Aggarwal? Her pilot dream come true story is super inspirational
16,000 kilometres, 17 hours! HISTORY CREATED - Air India all-women crew lands in Bengaluru after guiding longest flight over North Pole from San Francisco 16,000 kilometres, 17 hours! HISTORY CREATED - Air India all-women crew lands in Bengaluru after guiding longest flight over North Pole from San Francisco
Creating History! All-women Air India cockpit crew to fly inaugural San Francisco-Bengaluru flight: Civil Aviation Minister Hardeep Singh Puri Creating History! All-women Air India cockpit crew to fly inaugural San Francisco-Bengaluru flight: Civil Aviation Minister Hardeep Singh Puri
Air India Privatisaton News: Check latest update on divestment process, stake sale Air India Privatisaton News: Check latest update on divestment process, stake sale

LATEST NEWS

Good news for these government workers - Insurance benefit up to R 5 lakh, loan up to Rs 2 lakh for daughter's marriage in this state

Anil Singhvi’s Strategy February 25: Day support zone on Nifty is 14900-14975 & Bank Nifty is 36000-36100

Central government employees, pensioners? How this FM Nirmala Sitharaman latest news today may impact you | EXPLAINED

Greaves Cotton: Sharekhan maintains Buy rating with the revised price target of Rs 150

IMPLEMENTED NOW! Good news for government employees, PSU staff of this state - All details here

PUBG Mobile New State official trailer released, pre-registration on Google Play Store | All new features, details here!

SBI share price today: After some consolidation stock ready to make new HIGHS! On course to reach Rs 450 in just 2 weeks

Tamil Nadu class 9, class 10 and plus results: Good news for students! Govt announces "all pass"

Nureca IPO Listing: In talk with Anil Singhvi, Founder & CEO Aryan Goyal reveals company's outlook

In chat with Anil Singhvi, analyst Vikas Sethi picks Jindal Saw, REC as top buys for big short term gains

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved