Air India looks to get back on track

Friday, 11 Apr, 2011 0

Air India chairman and MD Arvind Jadhav has met with a consortium of Indian bankers to discuss a rejuvenation plan aimed at making the carrier “operationally profitable by 2015”.

Air India said in a statement that bank executives were given a detailed presentation that lasted for nearly three hours.

The carrier said that AI’s board has approved the plan, which targets US$898 million in annual cost cuts.

Measures to be taken are understood to include new equity infusions, deferral of outstanding debt and a sell-off of subsidiary operations.

The turnaround plan would need approval from the Reserve Bank of India and the Indian government.



 

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Ian Jarrett



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