The National Aviation Co. of India Ltd., which operates national carrier Air India, is seeking Rs39.8bn in aid from the Government. The company has submitted a proposal for a loan of Rs27.5bn and equity infusion of Rs12.31bn, Civil Aviation Minister Praful Patel told Parliament. "The airline industry globally, including the Indian airline industry, is passing through one of the most critical periods in its history," he told lawmakers in a written statement. Carriers such as Air India and Thai Airways International are seeking government assistance as people reduce travel for leisure and business. The global airline industry may lose as much US$2.5bn this year, with the Asia-Pacific region accounting for almost half of the deficit, according to the International Air Transport Association (IATA).
Saturday, February 28, 2009
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