"We are hopeful of closing this physical exercise by the finish of January or early next month. We hope Deloitte will submit its report soon in order that we can meet this deadline. We count on the Deloitte report shortly, "SBI Capital Markets Managing Director and Chief Executive S Vishvanathan.
Early December, the debt-ridden Air India had appointed global consultancy firm Deloitte to ratify a potential monetary restructuring strategy for the company, which was ready by SBI Caps, the capital markets arm with the State Bank Group, for any reported fee of Rs 25 lac.
Although the foreign consultant was offered one particular week to 10 days time to comprehensive the physical exercise, as outlined by a best Air India official, they may be but to have the vetted report.
"We are however to obtain the report from Deloitte," a senior official with the carrier told PTI, searching for anonymity. But he immediately added, "The consultant made some presentations to us as well as a preliminary report, and we're analysing it."
While asking Deloitte to vet the SBI Caps report, Air India had claimed that the foreign agency was appointed mainly to vet the organization program as an independent aviation consultant before submitting our restructuring strategy to the Reserve Bank.
The national carrier has been saddled with debt operating into a huge Rs 40,000 crore. Of this, as a lot as Rs 18,000 crore is working capital loan taken from a number banks, which extended the loan to the Government-run airline in consortium.