New Delhi : In a big boost to its precarious financial position, Air India’s Financial Restructuring Plan (FRP) has been approved by a consortium of banks. This may enable the ailing carrier save several hundred crores of rupee in the first year itself.

According to airline officials, as part of the FRP, Air India signed four agreements with the SBI-led consortium in New Delhi late on Friday. They said implementation of the FRP would begin after the Union Cabinet approves additional equity infusion into the airline.