Nacil sets up panel for revival plan

Nacil's mounting losses and subsequent demand for a Rs 2,300-crore lifeline has prompted the government to form a high-level strategy group, which held its first meeting in Mumbai on Friday.
The group comprises Nacil chairman & managing director Raghu Menon, former ICICI Bank CEO and independent director on Nacil board N Vaghul and joint secretary in the civil aviation ministry R K Singh.
Its mandate? Holding brainstorming sessions on how to get the state carrier back on its feet. Besides the board members, the strategy group also includes key Nacil officials.
The group is slated to hold meetings continuously for the next three days. It will not only attempt to fine-tune the carrier's proposal seeking monetary relief but also look at the operational problems being faced by Nacil. While confirming that the strategy group held its first meeting on Friday, a Nacil spokesperson declined to provide any further details. He also did not confirm reports that the government was once again considering a public issue for the state carrier to provide it with much-needed cash.
02/08/08 Sindhu Bhattacharya/DNA Money/Sify

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Categories: NACIL Aug 2008