Government allows direct jet fuel import, Air India debt plan

Feb 07, 2012 |

IANS

New Delhi

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An empowered group of ministers (EGoM), led by Finance Minister Pranab Mukherjee, on Tuesday allowed domestic airlines to directly import aviation turbine fuel and approved Air India's debt restructuring plan.

"The EGoM has allowed the airlines to import jet fuel directly," Civil Aviation Minister Ajit Singh told reporters.

The move will help bring down operating costs of carriers significantly. Aviation turbine fuel now constitutes about 50 per cent of the total operating cost of airlines in India.

As part of its debt restructuring plan, the national carrier will raise Rs.7,400 crore via bonds, backed by a sovereign guarantee.

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