‘Carrier incurred ₹2,570 cr. loss in Q1’
Air India incurred a loss of ₹7,982 crore in the financial year 2019-2020, according to provisional figures shared by the government in Parliament.
The national carrier also incurred a loss of ₹2,570 crore in the first quarter of the current fiscal, when there was a nationwide lockdown and flights were grounded, against a loss of ₹785 crore in the comparable period of the previous fiscal, Minister of State for Civil Aviation Hardeep Puri told the Rajya Sabha on Wednesday.
The government helped the debt-laden carrier in multiple ways to sail through the year, which included a guarantee support of ₹964 crore to enable the airline to raise new loans for its working capital requirements.
The government also extended its existing guarantee of ₹6,693 crore and $819 million for refinancing of aircraft bridge loans. Additionally, the airline had also been provided a National Small Saving Fund loan of ₹4,500 crore.