Government approves Air India turnaround strategy
DSIJ Intelligence / 02 Aug 2017
The company has made substantial progress in both operational as well as financial areas as per TAP milestones.
The government has approved a Turnaround Plan (TAP)/Financial Restructuring Plan (FRP) for operational and financial turnaround of Air India which provides equity infusion of Rs 30,231 crore up to the year 2021, subject to achievement of certain milestones, an aviation ministry release states.
The company has made substantial progress in both operational as well as financial areas as per TAP milestones. As a part of the turnaround strategy, the company, with the overall support of the government, has initiated a number of steps in order to cut costs and losses, said Jayant Sinha, Minister of State for Civil Aviation.
Some of the steps taken by the company include introduction of new routes, flash sale of seats to increase revenues and Passenger Load Factor (PLF), dynamic pricing and introduction of advance purchase fare, etc, the minister said.
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