Air India owes Rs.43,777 crore: Vayalar Ravi | india | Hindustan Times
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Air India owes Rs.43,777 crore: Vayalar Ravi

National carrier Air India currently has a total debt of Rs.43,777 crore, including loans and dues it owes to vendors like oil firms and airport operators, parliament was informed today.

india Updated: Nov 24, 2011 20:55 IST

National carrier Air India currently has a total debt of Rs.43,777 crore, including loans and dues it owes to vendors like oil firms and airport operators, parliament was informed on Thursday.

"The total debt of Air India, consisting of aircraft loans and working capital bank loan, aggregates Rs.43,777.01 crore," civil aviation minister Vayalar Ravi informed Rajya Sabha in a written reply.

Apart from aircraft acquisition loans worth Rs.21,412.06 crore and Rs.21,511.10 crore in working capital dues, the flag carrier owes a total of Rs.2,742 crore to various vendors.

"Air India owes Rs.2,300 crore to oil companies, Rs.75 crore to airport operators, Rs.367 crore to other vendors," the minister said.

The airline further owes Rs.485 crore as interest cost on working capital loans, as well as Rs.200 crore interest on loans for aircraft purchase.

Ravi said that the carrier still owes Rs.350 crore towards its employees wages.

On equity infusion, the minister said: "Government has so far infused fresh equity of Rs.3,200 crore."

The minister added that the recommendations made by finance minister-led group of ministers (GoM) which is looking into the airlines' financial restructure plan, has been referred to Reserve Bank Of India (RBI) for its views.