Rejecting the proposal, AAI said it had no provision for extending any such loans to any entities, including its joint ventures.
The state-owned airport operator said it had already borrowed Rs 1,500 crore (Rs 15 billion) from the open market at an interest rate of 10 per cent per annum.
AAI has argued its dues with various airlines and concessionaries as on March 31, 2011 amounted to Rs 1,687 crore (Rs 16.87 billion).
The dues against Air India rose to Rs 845 crore (Rs 8.45 billion) till June 30, 2011.
It has also argued against the loan, saying it would need to finance ongoing airport projects, including the mega projects of Kolkata (Rs 1,000 crore (Rs 10 billion)) and Chennai (Rs 590 crore (Rs 5.9 billion)).
The other reason for rejection it has given is it has to pay advance tax and service tax. The payment of these taxes in respect of the billing on Air India without realisation has adversely affected the company's cash flow.
Monday, 3 October 2011
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