Debt-ridden Air India is still waiting for investors to pour some hard cash. The airline has a debt bill of RS 60,000 crores and the government has already announced to sell 100% stakes of the airline in order to keep it flying. The airline has 12 grounded aircraft which are awaiting spares before they can fly again. Times of India reported on December 30th, that after the government has injected around 30000 crores of cash since 2012 to keep the airline floating. The government has failed to attract investment in order to keep the airline flying. The Indian government has clearly refused any more cash infusions and left the airline to self-sustain amid privatization.
“We are somehow managing the operations at present and at best we can sustain this situation till June. If a buyer does not come by that time, we will have to shut shop,” said the airline official who requested to keep the identity hidden.
The 12 grounded fleet of A320 needs at least 150 million US $ to get the new engines and spares to get them airworthy again. AISAM (Air India Specific Alternative Mechanism) has approved the process of selling 100 percent government stakes in Air India and Air India express. But the government is still waiting for any potential buyer to save the sinking situation.
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