Rs.5,000 crore to be infused in Air India: Patel

September 30th, 2009 NEW DELHI - After its pilots called off their strike Wednesday, Civil Aviation Minister Praful Patel asked the cash-strapped national carrier to take steps to reduce its expenses and debts. "The government's support for Air India doesn't come without a rider.

September 16th, 2009 NEW DELHI - Stating that the revival plan for cash-strapped national carrier Air India was well on track, Civil Aviation Minister Praful Patel Wednesday said that his ministry will shortly seek cabinet approval for equity infusion into the airline. "There are two issues concerning Air India.

August 18th, 2009 NEW DELHI - Unitech Wireless has secured a loan of Rs.5,000 crore (about $1 billion) from State Bank of India (SBI) to fund its mobile network rollout, the company said Tuesday. Unitech Wireless is a joint venture between Norwegian telecom giant Telenor and real estate major Unitech.

July 29th, 2009 NEW DELHI - Airlines should follow the law of the land while frisking passengers in India, Civil Aviation Minister Praful Patel said Wednesday. Referring to the recent controversy over former president A.P.J.

July 21st, 2009 NEW DELHI - Civil Aviation Minister Praful Patel said here Tuesday that he would meet Prime Minister Manmohan Singh this week to discuss the appointment of independent directors to the board of Air India in a bid to revive the ailing national carrier. "I will be discussing names of eminent people who can give time and make a turnaround of Air India with the Prime Minister Manmohan Singh this week," Patel told reporters.

July 14th, 2009 NEW DELHI - Loss-making national carrier Air India will not go for disinvestment at the moment to raise funds as market conditions were not favourable, said Civil Aviation Minister Praful Patel here Tuesday. "Markets are not favourable for an IPO (initial public offering) for Air India," Patel told the Rajya Sabha, the upper house of parliament.

July 14th, 2009 NEW DELHI - Maintaining that low fare carriers were the need of the hour, Civil Aviation Minister Praful Patel Tuesday said national carrier Air India will launch its own low-cost carrier under the existing Air India Express, which currently flies to 14 international destinations. "Air India Express will be our low-cost carrier and it has to be given a meaningful role.

July 7th, 2009 NEW DELHI - The top brass of loss-making national carrier Air India is headed for a rejig, Civil Aviation Minister Praful Patel has said, with the government proposing to hire "people with proven track record". "You will see major changes in the next 30 days.

July 7th, 2009 NEW DELHI - Cash-strapped national carrier Air India is expected to register a loss of Rs.5,000 crore last fiscal, Civil Aviation Minister Praful Patel told parliament Tuesday. "Nacil (National Aviation Co of India Ltd, that operates Air India) is expected to register a loss of approximately Rs.5,000 crore in 2008-09, largely due to high operating expenses, which have been compounded due to the present economic recession resulting in a drop in passengers," the minister said in a reply in Rajya Sabha.

July 2nd, 2009 NEW DELHI - National carrier Air India has been asked to present its restructuring plan within a month, Civil Aviation Minister Praful Patel said Thursday and reiterated that the airline cannot take the government for granted. "The government wants to know what is needed to be implemented in coming weeks and years.

July 2nd, 2009 KOLKATA - State-owned West Bengal State Electricity Distribution Company Limited (WBSEDCL) is planning to raise Rs.5,000 crore in the next three years to fund rural and urban electrification, a top company official said here Thursday. "Around Rs.3,000 crore will be invested for rural electrification, Rs.1,000 crore for enhancement of urban facilities and another Rs.1,000 crore for customer service automation," Malay K.

July 2nd, 2009 NEW DELHI - Borrowings of national carrier Air India have jumped from Rs.6,550 crore to Rs.15,241 crore since November 2007 owing to the global slowdown, high fuel costs and fleet expansion, Civil Aviation Minister Praful Patel told parliament Thursday. The minister also said the airline has been facing a financial crunch for the past few years.

June 24th, 2009 NEW DELHI - Civil Aviation Minister Praful Patel Wednesday said the government would support and help bail out the loss-making national carrier Air India, but stopped short of spelling out the size or nature of the package. Patel discussed a bailout plan with Prime Minister Manmohan Singh.

June 14th, 2009 NEW DELHI - About 31,000 employees of flag carrier Air India will receive their June salaries only in mid-July as the national carrier attempts to overcome its losses, which were over Rs.4,000 crore (Rs.40 billion/$8.4 billion) during last fiscal, a top official said Sunday. The July salaries could be delayed by over two weeks, said a senior civil aviation ministry official.

February 27th, 2009 NEW DELHI - National Aviation Co of India Ltd (NACIL), the parent company of national carrier Air India, has sought an equity induction of Rs.1,231 crore (Rs.12.31 billion/$245 million), along with a soft loan of Rs.2,750 crore (Rs.27.5 billion) from the government, Civil Aviation Minister Praful Patel told parliament Thursday. 'The airline industry globally, including the Indian airline industry, is passing through one of the most critical periods in its history,' Patel said.