Emergency credit line guarantee scheme: Aviation firms get Rs 349 cr

30 Jul 2021 CW Team

VK Singh, the Minister of Civil Aviation, announced in the Rajya Sabha that the Emergency Credit Line Guarantee Scheme (ECLGS) has provided guaranteed support to companies in the aviation sector, including airlines such as SpiceJet and GoAir, to the tune of Rs 349 crore.

While no funds have been specifically allocated to the civil aviation sector, according to information from the National Credit Guarantee Trustee Company (NCGTC), borrowers from the sector have been provided with guaranteed support of up to Rs 349 crore as of July 16, cited Singh.

SpiceJet has received loans worth Rs 127.52 crore, as per data presented by Singh, while Bird Worldwide Flight Services Mumbai Private Limited, a Bird Group subsidiary that provides ground handling services at Mumbai airport, was guaranteed a sum of Rs 8.5 crore under ECLGS 3.0.

ECLGS 3.0 has guaranteed a total of Rs 136 crore in funding. These ECLGS 2.0 companies have received a net amount of Rs 213 crore in guarantees:

ECLGS 2.0 Company	Amount
Aerostructures Manufacturing India Private Ltd	(Rs 45.19 crore)
Air Works India Engineering Pvt Ltd	Rs 11.07 crore)
Alpha Design Technologies Pvt Ltd	Rs 2.50 crore
Bengal Aerotropolis Project Ltd	Rs 16.36 crore
CAE Simulation Training Pvt Ltd	Rs 18.40 crore
Flight Simulation Technique Centre Pvt Ltd	Rs 44.14 crore
Go Airlines Ltd	Rs 25.65 crore
Rossell India Ltd	Rs 18.31 crore
Suad Forging India Pvt Ltd	Rs 3.5 crore
VEM Technologies Pvt Ltd	Rs 1.93 crore
WAISL Ltd	Rs 26 crore

The ECLGS was launched by the Ministry of Finance in May 2020 to assist the pandemic-affected economy.

According to a Crisil report released in June, the ECLGS' expansion to sectors such as civil aviation, hotels, and tour operators, which have been hard hit by the second wave of the covid-19 pandemic, will provide a lifeline for highly leveraged companies.

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