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This story is from March 28, 2008
Nacil to seek equity from government
National Aviation Company of India Ltd, formed by merging AI and IA last August, is going to seek fresh equity infusion from the government.
The airline���s CMD-designate Raghu Menon on Thursday admitted that the national carrier faces some challenges on the financial front.
������Last fiscal, the two airlines had losses of about Rs 700 crore.
This fiscal also due to high fuel prices and stiff competition, losses may be in that region. We are going to approach the government for more equity,������ Menon said.
Currently, NACIL has a paid up capital of Rs 145 crore. But the repayment liability on 111 new planes ordered by IA and AI is to the tune of Rs 60,000 crore. Of them 31 planes have already joined the fleet, putting a huge repayment liability on NACIL.
������We are lending from the market (Exim Bank) for acquiring aircraft and will be happy if the government supports us,��� he said.
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