AI’s proposal to convert AAI’s dues into equity rejected: Minister

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New Delhi, April 11 (IANS) National carrier Air India’s proposal to convert a portion of its outstanding dues to Airports Authority of India (AAI) into equity has been rejected by it, parliament was told on Tuesday.

“Air India has proposed to convert Rs 1,000 crore of outstanding dues payable to AAI into equity thereby offering AAI a stake in Air India as well as a position on its board,” Minister of State for Civil Aviation Jayant Sinha told the Rajya Sabha in a written reply.

“The proposal of Air India was considered but not accepted by AAI,” he added.

Sinha disclosed that as on March 31, 2016, Air India owed a total outstanding dues of Rs 1,883.73 crore to AAI.

–IANS

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