AI management meets to discuss restructuring

AI management meets  to discuss restructuring

The top management of Air India on Friday made a presentation before its board of directors on its performance and plans for restructuring the airline which aims to cut its losses to Rs 1,200 crore from the current Rs 3,990 crore.

The meeting was attended by senior company executives, government nominees and newly-appointed members.

The Board reviewed the national carrier’s financial and operational performance as part of its turnaround process, a senior Air India official said.

Top airline officials made a presentation before the new board on the progress made on its turnaround and financial restructuring plan.

In 2012-13, the government-owned airline had cut its loss-making routes from 69 per cent to 25 per cent.

The Government in May appointed five new part-time directors - Gurcharan Das, Prem Vrat, Air Marshal (retd) K K Nohwar, Ravindra Dholakia and Renuka Ramnath - on Air India board to use their expertise in achieving the targets set under the turnaround and financial restructuring plan for the flag carrier.

Besides the part-time directors, the board has seven directors from Air India, including its Chairman and Managing Director Rohita Nandan, and two representatives from the Civil Aviation Ministry.

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