Air India to raise Rs 5000 crore from savings fund
The valuation of the company will also be reduced due to the estimated losses to Air India. Explain that the company had a loss of Rs 8,000 crore in the financial year 2019-20. At the same time, the company had a loss of Rs 8,500 crore in 2018-19 and Rs 5300 crore in 2017-18. The company is raising money to compensate for its losses and meet operational costs. In the current financial year, the company has set a target of raising Rs 5000 crore through the National Small Savings Fund (NSSF). Also, a loan of Rs 1,000 crore is being taken from three banks. According to sources, the company has so far raised Rs 4,000 crore through the NSSF. As per the provisions made in the Budget 2021, the company will raise Rs 4000 crore from the market to fund its operations in the financial year 2021-22.
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Air India employees have also bid
Expression of interest (EoI) has come from many companies to buy government airline company Air India. The bidders to buy the company include Tata Group, Adani Group and Hinduja Brothers and a group of Air India employees. The group of employees has bid together with private US equity fund Interups Inc. Explain that the central government had called for bids from private companies to sell their 100 per cent stake in Air India. Air India Express Limited will also sell 100 per cent stake in Air India.