Crisis-hit Air India is planning to issue tenders for land parcels and flats worth about ₹300 crore across various cities as part of its asset monetisation plan.
According to the Deccan Chronicle, reports from the PTI stated that an official said that the recent equity infusion of ₹980 crore and sovereign guarantee to raise ₹2,000 crore loan from banks have brought some relief and a turnaround plan was in the works.
— DNA (@dna) September 7, 2018
“The revival plan for Air India has been discussed at various levels of the government. We hope a decision on it would come in due course of time,” he said.
The airline has so far in this fiscal received ₹1,630 crore as equity infusion from the government. The sovereign guarantee for raising ₹2,000 crore has come in two instalments. Following the financial support from the Centre, the airline has been trying hard to put 17 of its grounded aircraft back in the skies.
Burdened with a debt of ₹50,000 crore, state-run Air India has been surviving on taxpayer money since 2012 when the then UPA government cleared a ₹30,231 crore bailout spread over 10 years.