MUMBAI: State-run airline Air India, which is facing a huge cash crunch, has received a big relief. A few days ago, government oil companies decided to stop supplying oil to the airline. However, now the oil companies have revisited their decision. The three state-run oil companies Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation have postponed the decision to stop the supply of oil if Air India does not pay.
In fact, earlier this month, oil companies threatened Air India to stop supplying aviation fuel at six major airports over non-payment. According to the news, after requesting in writing of Air India that it would continue to pay the arrears of fuel continuously and gradually it would pay the fuel companies five thousand crore rupees, after which the oil companies gave their decision Deferred for further Currently, this move by fuel companies is a relief news for Air India.
Air India owes fuel payment of Rs 5,000 crore to three major state-run oil companies, the company promised to pay these amounts. Indian Oil Corporation's finance director Sandeep Kumar Gupta said in the past that Air India had promised to pay Rs 100 crore every month to the three companies, both in June and September, to settle the arrears of Rs 5,000 crore. But the company did not do so. Of the total outstanding of Rs 5,000 crore, Rs 2,700 crore belong to Indian Oil. This includes interest of Rs 450 crore. At the end of August, the three oil companies halted oil supplies at six airports to Air India due to payment defaults.
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