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

Bitcoin

Bitcoin has climbed back above $75,000 as traders return to the crypto market.

iStock

Bitcoin is back above $75,000: Is this the start of another crypto rally?

  • Bitcoin climbed above $75,000 for the first time since late May.
  • More than $2.7 billion in Bitcoin short positions were liquidated as prices surged.
  • Analysts remain divided over whether the rally has enough fresh demand to last.

Bitcoin has pushed back above $75,000, reaching its highest level since late May as a combination of falling US Treasury yields, stronger trading activity and renewed hopes for clearer cryptocurrency rules sent digital assets higher.

The cryptocurrency reached about $75,700 on Friday (21) and was trading around $75,350, up roughly 9 per cent over 24 hours. The rally was not limited to Bitcoin, with Ethereum gaining around 5 per cent and XRP jumping almost 19 per cent.

Keep ReadingShow less