First tranche of AI equity infusion likely by Dec: Patel
Press Trust of India / Begaum Nov 14, 2009, 15:43 IST
Air India is likely to receive the first tranche of equity infusion by December, Civil Aviation Minister Praful Patel said today.
"We will see the first tranche of equity infusion into Air India coming in by December," Patel told reporters on the sidelines of a function here.
The national air-carrier was initially looking at around Rs 800 crore for the first two months, Patel added.
The airline was likely to get more money — however, the Government would review progress on a monthly basis, the minister said.
"We have decided to put more money, but will review progress (of cost-saving measures by the airline) every month," he said.
On the issue of relaxing the foreign direct investment (FDI) norms in the aviation sector, Patel said a decision would be taken after assessing what the industry needed.
"On the FDI issue, the Government will take its decision based on the needs of the sector," he said.
It is a decision which would be taken after discussions with other ministries and agencies, he added. But he did not specify any time line for on the same.
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