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

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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