
India to finalise Air India revival package in 10-15 days
NEW DELHI: The government of India is likely to finalise a revival package for debt-laden Air India in 10 to 15 days, a senior official said on Thursday.
Earlier this year, efforts for strategic disinvestment of the airline failed to take off. The national carrier is estimated to have a debt burden of more than Rs 50,000 crore.
Civil Aviation Secretary R N Choubey said the government is likely to finalise Air India revival package in 10-15 days.
The difficult situation in the airline sector is mainly on account of high crude prices and depreciation of the rupee, he told reporters after his meeting with Economic Affairs Secretary S C Garg.
The government has been looking at ways, including sale of non-core assets, to bolster the carrier’s fortunes.
Air India is staying afloat on a bailout package extended by the previous UPA regime in 2012.
Earlier in the day, Choubey said the impact of increase in fuel prices and fall in the rupee have not significantly impacted air fares.
“There is good competition in the market and airlines are absorbing the increased costs. Now, how long can they absorb and when will they increase their ticket prices, that is a commercial decision,” he added.
Source: Press Trust of India
More Stories
Skye Air becomes the first ever Indian company to join the Global UTM Association
NEW DELHI: Skye Air, the Uncrewed Traffic Management (UTM) services in India, for the safe and efficient operation of drones...
Renaatus gets $ 29 million contract from Maldives to expand Gan International Airport
NEW DELHI: Renaatus Projects Private Limited, a construction and construction material manufacturing company with a strong foothold in Maldives and...
Akasa Air to hire nearly 1,000 people by March 2024: CEO Vinay Dube
NEW DELHI: Akasa Air plans to hire nearly 1,000 people and take the total staff strength to more than 3,000...
Defence Ministry inks contract with Hindustan Aeronautics Limited to procure 6 Dornier aircraft
NEW DELHI: The defence ministry on Friday sealed a deal with Hindustan Aeronautics Limited (HAL) to procure six Dornier aircraft...
Group Captain Shaliza Dhami becomes the first woman IAF officer to get command appointment
NEW DELHI: The Indian Air Force (IAF) has selected Group Captain Shaliza Dhami to take over command of a frontline...
Italy awards Leonardo C-27J Spartan upgrade deal
NEW DELHI: Leonardo and Armaereo, the Italian Defence Ministry’s Air Force Armament and Airworthiness Directorate, have signed a contract which...