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Air India’s loans erode benefits of government bailout: CAG

Air India’s loans erode benefits of government bailout: CAG
Air India was bailed out in 2012 with $5.8 billion of government funding. Photo by Reuters.
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Government may need to reassess the amount of bailout funds given to state-run carrier Air India because the airline’s short-term loans have weighed on its finances, the Comptroller and Auditor General of India (CAG) said in a report on Friday.

Heavily-indebted Air India, which was bailed out in 2012 with $5.8 billion of government funding, should also monetise more of its assets faster and speed up the leasing of narrow-body aircraft to improve its performance, the CAG said.

 

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