Friday, October 20, 2017

Air India unions to meet on divestment

New Delhi: Air India unions are likely to meet next week in the national capital to discuss their strategy amid the government going ahead with the disinvestment process.

People familiar with the matter say efforts are on to bring all staff unions of Air India including those of the pilots and engineers on one platform and work out a strategy to deal with the situation arising out of the government’s decision to offload its stake in the flag carrier.
Air India, which has over 20,000 employees on its roll, has as many as six recognised unions, representing ground and commercial staff, pilots, cabin crew and engineers, among others, besides, several unrecognised unions.
To revive the loss-making state-run carrier, which also has a debt burden of over Rs 50,000 crore, the government has decided to go for its strategic disinvestment and the modalities are being worked out by a Group of Ministers headed by Finance Minister Arun Jaitley.
The Cabinet Committee on Economic Affairs (CCEA) had on June 28 given in-principle nod for strategic divestment of Air India and five of its subsidiaries. The government has already invited applications for engaging up to two advisers, a legal adviser and asset valuer for the strategic disinvestment of Air India and its subsidiaries/ joint venture.
The finance ministry, which has been pumping small doses of money every year into Air India, seems reluctant to spend more. The airline had landed up in this situation because of the loans it had taken to add some 111 aircraft to its ageing and depleted fleet.
20/10/17 Times Now

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