Air India seeks additional equity from government to pay vendors: Source
The airline expects to receive the additional equity within the next 7 to 10 days after which it will be able to clear all dues, the source said, adding that this is above the 6.5 billion rupees it has already received for the year. India last month shelved a plan to sell a majority stake in Air India due to lack of interest from bidders, in the latest setback in its ambitious efforts to rescue the ailing airline that has survived for years using taxpayer funds.
State-owned carrier Air India has sought 21.21 billion rupees ($309 million) of additional equity from the government for the fiscal year 2018-19 to make pending payments to its vendors. Image source: Reuters