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| Govt to infuse Rs 800 cr into Air I |
| Govt to infuse Rs 800 cr into Air India
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| INDIA
, 18-February-2010
3:55:23 AM |
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The Government on Thursday approved Rs 800 crore equity infusion into the beleaguered national carrier Air India.
The Cabinet Committee on Economic Affairs (CCEA )headed by Prime Minister Manmohan Singh approved the fresh equity for National Aviation Co of India Ltd, the company that runs Air India.
The spokesperson for CCEA said the approval to release equity support in two equal monthly installments would have to be calibrated with the achievement of cost-reduction milestones laid down by the GoM.
The financial losses of NACIL have been compounded by weakening of its revenue stream, a high cost structure and costly legacy assets (obsolete assets) that have resulted in rising liabilities.
Following directions by the government, NACIL initiated a multi-pronged turnaround plan, which included rationalisation and redeployment of manpower and productivity linked incentive
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