The Group of Ministers (GoM) on Tuesday cleared a fresh debt restructuring package for the struggling national carrier Air India and allowed it to float bonds worth Rs 75bn.
“Air India’s financial restructuring package has been approved by the group and bonds will be floated for Air India. The final approval will come from the Cabinet,” Civil Aviation Minister Ajit Singh said after the GoM meeting today.
Air India has accumulated losses of over Rs 200bn and makes monthly loss of ~Rs 5bn.