Skip to content
Search

Latest Stories

Submit Guest Post

Fuel supplies restored to debt-ridden Air India

Fuel supplies have been restored to debt-ridden Air India at six airports following government-mediated talks, after a two-and-half-week suspension by oil companies over the late payment of dues, local media reported.

Fuel supplies were suspended on August 22 amid reports that the national flag carrier owed three state-run oil firms more than 45 billion rupees ($630 million).


Following the talks, Air India agreed to pay them one billion rupees a month to clear the debt, an airline spokesman told the Press Trust of India late Saturday.

A spokesman for the oil firms said "supplies to Air India resumed from Saturday evening."

The airline had continued to fly from the six locations -- -- Pune, Ranchi, Patna, Mohali, Kochi and Vishakhapatnam -- by looking at alternative routes and filling up on fuel elsewhere.

The Indian government in 2018 shelved plans to sell a 76-percent stake in Air India after failing to attract any bidders.

The airline, founded in 1932, was once the country's monopoly airline, known affectionately as the "Maharaja of the skies".

But it has been haemorrhaging money for years and it has lost market share to low-cost rivals in one of the world's fastest-growing airline markets.

Successive governments had spent billions of dollars to keep it flying before Prime Minister Narendra Modi's cabinet last year gave the go-ahead for a sell-off.

Add EasternEye As Your Trusted Source
preferred source on google news

More For You

Housing

House price-to-earnings ratios have improved across much of Britain, but affordability varies sharply between regions

iStock

UK homes are more affordable than they’ve been in 11 years. Here’s where buyers still struggle

  • The average UK home now costs 7.3 times average earnings, the lowest ratio since 2015.
  • Elmbridge in Surrey is Britain’s least affordable local area at 17.4 times earnings.
  • Inverclyde and Aberdeen are among the most affordable, at 3.5 times earnings.

Buying a home has become more affordable relative to earnings than at any point in 11 years, but the improvement is far from evenly spread across Britain.

According to new Lloyds analysis, the average UK home costs around 7.3 times average earnings, down from 7.6 a year earlier and the lowest price-to-earnings ratio recorded since 2015.

Keep ReadingShow less