₹20 crore per day is paid off to run Air India: DIPAM Secretary
By MYBRANDBOOK
DIPAM Secretary Tuhin Kanta Pandey said what Tata is getting is not a cash cow but an airline that is bleeding where money needs to be pumped in to refurbish obsolete aircraft and dust up strangled ones while being unable to touch any employee for one year and only be able to resize staff after paying a VRS.
Pandey said, ''It won't be a very easy task there. The only advantage is they (the new Air India owner) are paying the price which they think they can manage. They are not taking the excessive debt accumulated to fund years of losses. We are continuing it as an ongoing concern... This process has also saved a huge amount of taxpayers’ money going forward.”
Prior to this, the government had accepted an offer by Talace Pvt Ltd, a unit of the holding company of salt-to-software conglomerate Tata group, to pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt. As of August 31, Air India had a total debt of Rs 61,562 crore. About 75 percent of this debt or Rs 46,262 crore will be transferred to a special purpose vehicle AIAHL before handing over the loss-making airline to the Tata Group.
Tatas would not get to retain non-core assets such as the Vasant Vihar Housing colony of Air India, the Air India Building at Nariman Point in Mumbai, and the Air India Building in New Delhi.
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