TIL Desk/Business/New Delhi/ The government has prepared a revival plan for Air India that provides for a comprehensive financial package, differentiated strategies for each of the airline’s core businesses and robust organisational reforms, Union Minister Jayant Sinha said Thursday.
Various initiatives to turnaround the national carrier, which is staying afloat on a bailout package extended by the previous government, including monetisation of real estate assets are progressing. Sinha told the Lok Sabha that the government has prepared a revival plan for Air India which focuses on building a competitive and profitable airline group.
A comprehensive financial package, including transfer of non-core debt and assets to a Special Purpose Vehicle, implementation of a robust organisational and governance reforms by the board and differentiated business strategies for each of the core businesses of Air India are part of the plan. “Higher levels of operational efficiency by strengthening management and implementing best business processes,” are among the major elements of the plan, Sinha said.
