AI to seek Rs 1,600 crore more this fiscal
.jpg)
NEW DELHI: Cash-strapped Air India will seek an additional Rs 1,600 crore as equity in 2014-15, asking for Rs 7,100 crore instead of Rs 5,500 crore as per the original financial restructuring plan (FRP) approved by UPA.
The additional funds in the coming Budget are being sought on three grounds — shortfall of Rs 500 crore in the government's equity infusion last fiscal, interest cost incurred by the airline to raise this amount as loan from banks and finally the fluctuation in $-re exchange rate last year from the assumed value of Rs 40-45 when the FRP was approved.
"AI was to get Rs 6,000 crore this fiscal. The interim Budget presented by outgoing UPA-II made a provision for Rs 5,500 crore. So, the airline will be seeking the Rs 500 crore shortfall of last fiscal and Rs 1,100 crore for meeting interest cost (incurred for meeting this shortfall) and the wild exchange rate fluctuation," said an official.
Prime Minister Narendra Modi will shortly be given a presentation on the civil aviation sector, with focus on AI. "AI is at a crucial juncture with the airline set to join Star Alliance in a month. We are confident that the airline is seeing light at the end of the dark tunnel," said the official.
Other Latest News
.webp)
Shares of YES Bank climbed as much as 8.98 per cent to hit an intraday high of Rs 28.50 apiece on Monday, after the private lender announced a strong set of March quarter results (Q4FY24).
YES Bank’s profit jumped over 123 per cent to Rs 452 crore in Q4FY24, as opposed to Rs 202.43 crore reported in Q4FY23.
.webp)
The Congress on Monday attacked the BJP over the alleged sex scandal involving the grandson of JD(S) supremo H D Deve Gowda, with party leader Priyanka Gandhi Vadra asking whether Prime Minister Narendra Modi will remain silent on the matter.
The opposition party also asked why the BJP went ahead with its alliance with the JD(S) when a BJP leader had written to the party's Karnataka unit president, exposing the presence of a pen drive full of "sleaze videos of Prajwal Revanna".
.webp)
China is gearing up to launch a robotic spacecraft on a mission to bring back samples from the dark side of the moon. This mission is prelude to three challenging missions aimed at achieving a Chinese crewed landing and establishing a base on the lunar South pole. And it will also be the world's first attempt at collecting samples from the other side of the moon.
Since the inaugural Chang’s mission in 2007, named after the legendary Chinese moon goddess, China has made substantial strides in its lunar exploration efforts, narrowing the technological divide with the United States and Russia.
.webp)
The Japanese yen hit its weakest levels since April 1990 on Monday, in trading thinned by a holiday in Japan and attempts by traders to test key levels and stop-loss orders in a nervous, illiquid market.
The dollar rose as far as 160.245 yen in a sudden move after the yen traded in a narrow 158.05-158.15 range in early deals.
.webp)
Veteran politician, BJP MP and former Union Minister V Sreenivasa Prasad died on Monday, family sources said.
The 76-year-old Lok Sabha member from Chamarajnagar was ailing for some time and being treated at a private hospital, where he passed away early today.
.webp)
.webp)
.webp)
.webp)
.webp)
