Indian government transfers $229m to air India

The Government of India has transferred US $229,076,065 (Rs 13.75 Billion) to national carrier Air India as a part of the first tranche of equity infusion, according to a Times of India report Wednesday. The government will disburse $916,372,964.93 (Rs 55 Billion) this financial year to the ailing carrier. The latest infusion will help the airline fund launches to Rome, Milan and Moscow over next two months, the report said. Air India received 166,618,815.47 (Rs 10 Billion) earlier in March. The airline has so far received $2,427,996,963.46 (Rs 145.75 Billion) almost half of the $4,997,884,906.30 (Rs 300 Billion) promised as equity infusion up to 2020.