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A Group of Ministers has recommended issuance of bonds with sovereign guarantee worth Rs 7,400 crore for Air India.
The bond is likely to carry a coupon rate of 8.5-9 per cent and financial institutions may subscribe to these bonds. A final decision is expected after the matter is approved by the Cabinet Committee on Economic Affairs.
Briefing the media after the GoM meeting, the Minister for Civil Aviation, Mr Ajit Singh, said that the meeting also allowed airlines to directly import aviation turbine fuel. Kingfisher Airlines has already approached the authorities in this regard.
The Group of Ministers was also apprised of the position on allowing foreign airlines to pick up a stake in domestic carriers. A final decision on this issue will be taken by the Union Cabinet.
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