Air India expects first round of govt funding by Jan
Published on Tue, Nov 17, 2009 at 16:40 | Source : Reuters
Updated at Wed, Nov 18, 2009 at 10:17
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Air India expects first round of govt funding by Jan
National Aviation Company of India, which runs ailing carrier Air India, said it expects the first installment of government funding to the tune of 4 billion rupees by Jan 2010.
National Aviation Company of India, which runs ailing carrier Air India, said it expects the first installment of government funding to the tune of Rs 4 billion by January 2010.
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 Rs 20 billion through cost cuts and revenue gains.
Further installments 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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National Aviation Company of India, which runs ailing carrier Air India, said it expects the first installment of government funding to the tune of Rs 4 billion by January 2010. 
