Air India incurs Rs 7,853 cr loss in 2011-12

The government said losses made by national carrier Air India could be around Rs 7,853 crore (Rs 78.53 billion) in financial year 2011-12.

"As per the provisional estimates for the financial year 2011-12, Air India is likely to incur a loss of Rs 7,853 crore," Civil Aviation minister Ajit Singh said.

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He was responding to a question in the Lok Sabha where he also gave details of the financial packages that the government had approved for the national carrier.

"Induction of upfront equity of Rs 6,750 crore, including Rs 1,200 crore provided in the budget of 2011-12" was part of the government's financial package to the airline, Singh said.

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An equity for cash deficit support of Rs 4,552 crore (till 2021) and equity for already guaranteed aircraft loan of Rs 18.929 crore (Rs 189.29 million) till financial year 2021 had already been approved, he said.

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The Government of India guarantee for repayment of principal amount and payment of interest of the non-convertible debentures of Rs 7,400 crore (Rs 74 bilion) proposed to be issued to financial institutions, banks, LIC, EPFO etc, which will be used to repay part of working capital loans, had also been approved, Singh said.