Air India reported Rs 7,017 crore loss throughout the monetary yr 2020-21 amid journey restrictions and flight bans because of the Covid-19 pandemic.
The loss after tax stood at Rs 7,017 crore within the yr by way of 31 March 2021, down from a Rs 7,766 core loss recorded within the earlier yr, an Air India submitting mentioned on Thursday.
Air India’s income from operations dropped at Rs 10,343 core in FY21 from Rs 27,711 crore yr in the past.
The Board of Administrators of the corporate at its assembly held on October 14, 2021 has inter alia authorised the Audited Standalone Monetary Outcomes of the Firm for the yr ended March 31, 2021.
Air India’s disinvestment train is more likely to full throughout the subsequent 10 weeks and solely crucial income and capital bills must be carried out until then, Civil Aviation Secretary Rajiv Bansal mentioned on Thursday.
Bansal, who additionally holds the cost of Chairman and Managing Director of Air India, in an order mentioned the airline’s disinvestment course of is in its closing levels and letter to intent has been already issued to the Tata group.
On Friday, the federal government had introduced the sale of the nationwide provider to the salt-to-software conglomerate Tata Group at an enterprise worth of Rs 18,000 crore.
With this, Air India will return to the Tatas after 68 years. Together with the model and the slots of the debt-ridden state-owned airline, the Tatas will get the low-cost subsidiary Air India Categorical and a 50 per cent stake in floor dealing with agency AISATS.
Of the bid quantity of Rs 18,000 crore, the Tatas pays Rs 2,700 crore in money, whereas taking the remaining Rs 15,300 crore as debt.