Air India, facing severe financial crisis, seeks 2400 crore guarantee from central government

New Delhi: Air India, which is facing a severe economic crisis, has sought a guarantee of Rs 2,400 crore from the government to raise capital to meet operational requirements. An official has given information in this regard on Wednesday. This development has come at a time when the government is trying to finalize the debt-ridden Air India disinvestment.

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The official has said that the airline has sought this permission from the government to meet the operational requirements. An Air India spokesperson declined to comment on the issue. On November 27, Civil Aviation Minister Hardeep Singh Puri had said in the Upper House that the interests of Air India employees would be protected and no one would be employed in its privatization. He had said that the airline company would be shut down in the event of privatization.

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Air India had an estimated loss of Rs 8,556.35 crore in the financial year 2018-19. Air India Special Alternate Arrangement (AISAM) has been approved to resume the process of selling the government's stake in AISATS, a joint venture between Air India Express and the airline, with a 100 percent stake in Air India. The government had said on 5 December that capital of Rs 30,520.21 crore had been invested in the government airline company since 2011-12.

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