MUMBAI: State-owned air carrier Air India is expected to post half of the domestic aviation industry’s losses this fiscal, at Rs 3,000 crore, Civil Aviation Minister Praful Patel said on Friday.

Air India’s losses would be around Rs 3,000 crore in FY 2008-09," Patel told reporters here.

The aviation industry is expected to post losses of Rs 6,000 crore in the current financial year largely because of high oil prices. High oil prices were not India-centric, but airlines across the globe were facing the pressure, he said.

The Center is planning a capital infusion of Rs 1,500 crore to support the public sector airline. "We are examining the proposal," Patel said. Currently, the Government’s equity in the loss-making national carrier is Rs 150 crore.
Patel ruled out the possibility of an initial public offer (IPO) for Air India in the prevailing volatile market conditions. "No one will go for an IPO in the present market (conditions)," the Minister added.

Viewed: 123 views | Rating: (1 votes, average: 2 out of 5)
 Loading ...