Air India needs Rs 17,500 cr for turnaround

As per a revised turnaround plan, Air India would need an equity infusion of around Rs 17,500 crore to come out of the current mess.

As per a revised turnaround plan, Air India would need an equity infusion of around Rs 17,500 crore to come out of the current mess.

HT Image

The plan would be placed before the airline's board, senior civil aviation ministry officials said. The plan has been vetted and modified by consultancy firm Deloitte Touche Tohmatsu (India).

The government had already injected Rs 2,000 crore into the ailing national carrier this year and a similar amount is likely to be given for the next fiscal.

Civil aviation minister Vayalar Ravi on Thursday in Parliament that the airline suffered losses to the tune of Rs 1,791.4 crore on account of rising costs, in the first quarter of 2010-11.