The Centre has sought Parliament’s approval for an additional equity infusion of Rs.2,345 crore for debt-laden Air India (AI) and a separate sum of Rs.1,300 crore for a Special Purpose Vehicle (SPV) which houses the national carrier’s debt and non-core assets.
The SPV, Air India Assets Holding, comprises Rs.29,000 crore of the Rs.55,000 crore debt of AI and the airline’s non-core assets such as the ground-handling arm and land. The purpose is to liquidate the assets and pay off the debt parked in the SPV.
It had already provided a sovereign guarantee to enable AI to raise Rs.2,000 crore from banks, which the airline has availed. The airline had also raised Rs. 1,000 crore from the National Small Savings Fund.
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from CURRENT AFFAIRS – Fresherslive http://bit.ly/2QNU9Rx
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