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Civil Aviation Minister Praful Patel told on Tuesday that he will request Civil Aviation Ministry for releasing funds to help cash-strapped Air India as soon as possible.
The civil aviation ministry group will hold talks with Finance Minister Pranab Mukherjee on Wednesday on issues related to aviation sector.
"We would like to see what the government is doing for restructuring of Air India. I will take up the matter for immediate infusion of funds in Air India at the earliest before the GoM," Patel told while participating in a conference organised by the ATC (air traffic controllers) Guild of India in New Delhi on Tuesday.
The conference was titled 'ATM-Airline, airports strategies to meet safety, economic and environment challenges'.
About Rs.5,000 crore had been cleared by a committee of secretaries led by Cabinet Secretary, last month, for providing aid to Air India over a period of three years. But the committee had mentioned that the financial aid will be provided only if the national air carrier would cut costs and raise its revenue.
"The government's support is there. They (employees of Air India) are no doubt the strength of Air India but they also have to understand that without cost-cutting and restructuring of the carrier we cannot ask for help," the minister said.
The civil aviation ministry would seek Rs.2,000 crore as equity this year along with Rs.3,000 crore under a capital acquisition programme.
The government's bailout plan would be through the induction of equity and the restructuring of high-cost debt into low-cost debt.
