Making a daily loss of ₹20 crore, Air India (AI), the country’s struggling national carrier, is staring at closure unless it quickly finds a buyer, a senior official said. AI currently has a debt of more than ₹30,000 crore after the government moved an equal sum to Air India Assets Holding Ltd., an entity that owns the airline’s assets. On sale are loss-making AI, its wholly owned, profitable, low-cost subsidiary Air India Charters Ltd. which operates under the Air India Express brand and Air India’s 100% stake in Air India SATS Airports Pvt. Since April 2019, the government has advanced ₹500 crore to AI but this was from the previous year’s funds. “It is quite possible that banks will go by the book in case AI defaults on interest payment.

Source: The Hindu December 30, 2019 15:13 UTC