New Delhi: Air India's employee unions today said they were preparing an alternative plan to revive the debt-laden national carrier, a day after the government announced that not a single bid had been received for the proposed stake sale in the loss-making airline.
The unions, under a common platform - 'Joint Forum', are also likely to hold a convention here soon of all stakeholders associated with the airline to deliberate its turnaround plan.
"The matter is not over as yet. We are planning to give an alternative plan to the government as to how to run and revive the airline. We will also suggest the government what all it can do which is in the interest of all stakeholders, including the employees," said a union member.
Inputs were also being taken from experts within Air India in the preparation of the revival plan, they said.
The unions' comments came a day after the deadline for submission of initial bids for Air India stake sale ended with no bidders evincing interest in the carrier, which is surviving on a Rs. 30,000-crore bailout package from the government.
Making a strong case for writing off the entire debt of Air India into a special purpose vehicle, the unions are of the view that the airline should not be given in private hands, especially at a time when the industry is grappling with the issue of non-performing assets (NPAs) or bad loans.
Lenders classify a loan as an NPA if dues are unpaid for 90 days.
Gross NPAs in the Indian banking system have reached a staggering level of nearly Rs. 9 lakh crore, according to official data.
Air India total debt stood at over Rs. 48,000 crore at the end of March 2017.
01/06/18 NDTV
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The unions, under a common platform - 'Joint Forum', are also likely to hold a convention here soon of all stakeholders associated with the airline to deliberate its turnaround plan.
"The matter is not over as yet. We are planning to give an alternative plan to the government as to how to run and revive the airline. We will also suggest the government what all it can do which is in the interest of all stakeholders, including the employees," said a union member.
Inputs were also being taken from experts within Air India in the preparation of the revival plan, they said.
The unions' comments came a day after the deadline for submission of initial bids for Air India stake sale ended with no bidders evincing interest in the carrier, which is surviving on a Rs. 30,000-crore bailout package from the government.
Making a strong case for writing off the entire debt of Air India into a special purpose vehicle, the unions are of the view that the airline should not be given in private hands, especially at a time when the industry is grappling with the issue of non-performing assets (NPAs) or bad loans.
Lenders classify a loan as an NPA if dues are unpaid for 90 days.
Gross NPAs in the Indian banking system have reached a staggering level of nearly Rs. 9 lakh crore, according to official data.
Air India total debt stood at over Rs. 48,000 crore at the end of March 2017.
01/06/18 NDTV
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