AIR INDIA'S REVIVAL PLAN
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PM prepares blueprint for Air India's revival
Published on Wed, Jul 01, 2009 at 20:26, Updated on Wed, Jul 01, 2009 at 20:59 in Business section
Tags: Air India, Manmohan Singh , New Delhi
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New Delhi: Prime Minister Manmohan Singh has drawn a blueprint for the revival of Air India. Singh has set 30-day deadline for the cash-strapped Air India to prepare a business plan.
According to the revival plan a three-member panel headed by Cabinet Secretary will monitor Air India's turnaround. The other two members on the panel would be Civil Aviation Secretary and Finance Secretary.
Air India will give business plan within 30 days which will include financial restructuring and rationalisation of manpower. The plan essentially means cost-cutting and even lay-offs.
The integration of Air India and Indian Airlines will also be completed within 30 days.
Air India has already incurred a loss of Rs 4,000 crore in the last financial year and is likely to to ask the Centre for a Rs 10,000-crore (about $2 billion) bailout package.
The beleaguered airlines employees will be getting their June salary on July 3. Earlier, Air India management had announced that June salary would be disbursed only on July 15.
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