New Delhi: Government-run airline Air India is relieved of debt burden. Oil companies have started supplying oil to the airline at six airports. These companies had stopped supplying fuel to Air India if they did not ratify. Due to the efforts of the government, an agreement has been reached between the oil companies and the government carrier Air India.
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Under this agreement, Air India will pay Rs 100 crore per month to these oil companies. These oil companies owe Rs 4,300 crore to Air India. Last month, Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation had stopped supplying fuel to Air India at six airports. Air India has been on cash and carry mode since April and is paying Rs 18 crore per day on fuel bills. Oil companies want to pay the debt as soon as possible.
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For this, 90 days credit has been given to Air India. However, the borrowings have become very high. Air India needs at least 240 days to fully repay it. In an official statement issued by the oil companies, it has been said that Air India has agreed to the terms of repaying the debt. After this, fuel supply to Air India has been started from Saturday evening. The government can soon hand over this debt-ridden company to private hands.
