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Centre owes Air India nearly ₹500 crore for VVIP flights

Civil aviation minister Hardeep Singh Puri on Wednesday informed the Rajya Sabha that the federal government’s complete dues on account of airfares for VVIP flights stood at 498.17 crore on the finish of 31 December.

By Rhik Kundu, New Delhi

PUBLISHED ON FEB 05, 2021 12:37 AM IST

Numerous authorities departments owe divestment-bound Air India Ltd practically 500 crore in the direction of VVIP constitution flights at a time the nationwide service is struggling financially.

Civil aviation minister Hardeep Singh Puri on Wednesday informed the Rajya Sabha that the federal government’s complete dues on account of airfares for VVIP flights stood at 498.17 crore on the finish of 31 December.

“Often, the credit score interval for presidency of India departments varies from 15 to 30 days from the receipt of bill and no curiosity is paid to Air India in case of non-payment inside the credit score interval,” Puri stated within the higher home of the parliament.

Air India has simply borrowed 225 crore via a short-term mortgage facility from home lenders to refinance an earlier mortgage.

The entire debt of Air India was 38,366.39 crore, based on the provisional figures for 2019-20. This was after an quantity of 22,064 crore was transferred from the airline to a particular goal car (SPV) Air India Property Holding Ltd throughout 2019-20.

As of 31 March, 2020, the overall internet mounted belongings of Air India stood at 45,863.27 crore, together with land and buildings, plane fleet and engines, different mounted belongings, right-of-use belongings and intangible belongings.

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