Air India Debt

LIC and State Bank of India were top investors in AI's debt

The government on Monday signed a share-purchase agreement with Tata Sons for the sale of the national carrier for Rs 18,000 crore

The second phase of the strategic disinvestment of Air India will start on January 5, 2021 with the announcement of the names of the qualified bidders

Air India pilots' associations has asked its members to maintain the printed weekly offs and not to change them

Unions ask pilots not to undertake extra duties, AIEU seeks with aviation minister on leave encashment, continuation of medical benefits, among other things

With finances stretched, the govt is not in a position to infuse cash into the airline, but will help the carrier to raise money through sovereign guarantee

Current rules require bidders to take over the carrier's $3.3 billion of aircraft debt, deterring buyers

Airline has Rs 23,286-cr debt; GoM likely to take a decision on the proposal in two weeks

In total, these government agencies owe around Rs 268 crore to the national carrier, he said, adding that "around Rs 50 crore has been recovered from these agencies by the airline"

A spokesman at India's finance ministry, which handles assets sales, was not immediately available for a comment

The decision was taken after Air India made a written request and also promised regular payments to clear over Rs 5,000 crore in overdue fuel bills.

Air India had in September invited bids to sell its properties located across India

To fund the capital infusion in Air India and other sectors, the government has sought Parliament's approval for an additional net spending of Rs 59.51 bn

Also, a parliamentary panel has sought details on the Air India disinvestment decision

The national carrier has a debt burden of more than Rs 52,000 crore

Air India's debt of around Rs 46,000 cr has outgo of more than Rs 4,000 cr a year as debt servicing