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India to infuse equity into Air India by March: Praful Patel | Civil Aviation Minister Praful Patel has said India will infuse equity into ailing state-run carrier Air India by March. Talking to reporters here on Thursday, Patel said: "We are broadly looking at an equity
infusion linked to monthly performance parameters. This is not the total equity
infusion, which is being looked at for Air India . So, it is in a way we are also
going to see how it performs on a monthly basis to be able to finally take a call
at the end of March as to what will be the final support which the government
will provide." Patel said the airline would have to generate 20 billion rupees
through cost cuts and revenue gains. "We have discussed some parameters specially
on revenue enhancement and cost cutting and Air India has to also perform according
to certain parameters. We will be reviewing all these on a monthly basis," he
added. In October, Patel said the government would back Air India with up to 50
billion rupees if the carrier made the same amount through cost cuts and other
measures, a proposal which was protested by unions. The airline declared a loss
of billion dollars in the financial year March 2009, while in September, around
400 Air India executive pilots went on mass sick leave for four days to protest
pay cuts, resulting in more than 200 flights being cancelled and the airline losing
more than one billion rupees. |
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