Tuesday, October 02, 2018

Ailing Air India likely to get four-point bailout package

Our Bureau The Centre is mulling a four-point bailout package for the debt-laden, loss-making Air India.

The strategy includes a financial package, reforms, a professionally managed board structure, and practices to retain the workforce, Jayant Sinha, Union Minister of State for Civil Aviation, said here on Monday.

In June, the Centre shelved a plan to sell a majority stake in Air India due to a lack of bidder interest. The government had originally proposed to offload a majority stake in the national carrier and transfer management control to private players. The buyer would have had to take over ₹24,000-crore debt along with over ₹8,000 crore of liabilities.

“The revival package is in its final stages. We are also looking at what we should do financially for Air India. The timeline is to do it as soon as possible. These are complicated and detailed work that we have to do,” he told media persons on the sidelines of the 187th annual general meeting of the Calcutta Chamber of Commerce.

Air India’s debt is about ₹48,000 crore as of March 2017.
01/10/18 Business Line
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