With the approval of theRs 18,000 crore financial restructuring plan for Air India by the consortium of banks, the proposal will now go for cabinet clearance.
 
 The restructuring plan, which intends to reduce the cash-strapped national carrier's interest outlay substantially, was recently approved by a consortium of 19 banks led by State Bank of India.
 
 The plan includes a debt restructuring of Rs 18,000 crore by the banks and a committed equity infusion by the government, the official said in a statement.
 
 The government had announced an infusion of Rs 4,000 crore during the current fiscal, raising the airlines' equity base to Rs 7,345 crore, in the union budget for 2012-13. 
 
 The high-cost working capital debt of the national carrier stands at Rs 22,000 crore, of which the banks will restructure Rs 18,000 crore.
 
 Out of the Rs 18,000 crore, Rs 10,500 crore will be converted into long-term debt with a repayment period of 10-15 years. The remaining Rs 7,400 crore will be repaid to banks through a government-guaranteed bond issue.