India says no to airline bailout
The Indian government said on Thursday that it wouldn’t bail out its ailing airlines but would extend the credit period for the cash-starved carriers to pay their fuel bills, according to Agence France-Presse.
Indian airlines had sought a bailout package worth 47.50 billion rupees ($1 billion) to help them deal with falling passenger traffic and rising jet fuel costs.
However, AFP quoted Civil Aviation Minister Praful Patel as saying no bailout was on offer.
“No financial relief has been given to the private airlines,” he told parliament. But “the credit period for current purchases of fuel has been increased to 90 days from existing 60 days.”
India’s domestic airline sector posted a combined loss of $938 million in the fiscal year to March 2008, and analysts expect losses to touch $2 billion this year, the report said.
A Report by The Mole
John Alwyn-Jones
Have your say Cancel reply
Subscribe/Login to Travel Mole Newsletter
Travel Mole Newsletter is a subscriber only travel trade news publication. If you are receiving this message, simply enter your email address to sign in or register if you are not. In order to display the B2B travel content that meets your business needs, we need to know who are and what are your business needs. ITR is free to our subscribers.
































TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Strike action set to cause travel chaos at Brussels airports
Digital Travel Reporter of the Mirror totally seduced by HotelPlanner AI Travel Agent