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AI’s proposal to convert AAI’s dues into equity rejected: Minister

Posted By: Doraiah Vundavally April 11, 2017

AI's proposal to convert AAI's dues into equity rejected: MinisterNew Delhi, April 11 (IANS) National carrier Air India's proposal to convert a portion of its outstanding dues to Airports Authority of India (AAI) into equity has been rejected by it, parliament was told on Tuesday.

"Air India has proposed to convert Rs 1,000 crore of outstanding dues payable to AAI into equity thereby offering AAI a stake in Air India as well as a position on its board," Minister of State for Civil Aviation Jayant Sinha told the Rajya Sabha in a written reply.

"The proposal of Air India was considered but not accepted by AAI," he added.

 

Sinha disclosed that as on March 31, 2016, Air India owed a total outstanding dues of Rs 1,883.73 crore to AAI.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)

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AI's proposal to convert AAI's dues into equity rejected: Minister

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Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.