Air India asks banks to defer loans
Air India, the nation's flag carrier, has asked banks to defer existing working capital loans that are due for repayment as part of restructuring steps to trim losses, Civil Aviation Minister Praful Patel said Tuesday.
Air India, the country's national carrier, will defer salary payments for its 31,000 employees for two weeks due to a cash crunch born of tepid demand and overcapacity, the company said Monday.