New Delhi, May
14:
The Air India
board on Monday approved a proposal to monetise assets worth Rs 5,000 crore
over 10 years. The move will help pay for Air India's financial restructuring
programme.
The board at
its meeting here also approved the issue of Non-Convertible Debentures for
7,400 crore which have been guaranteed by the Government for part payment of
the working capital Air India has received from banks.
The
management's strong stand against sections of agitating pilots was also
endorsed by the board.
The management
has suspended over 70 pilots who had gone on sudden leave disrupting normal
operations. Monday was the eighth day of the pilot agitation and over 20
scheduled flights were cancelled.
The board said
that the management should take a tough stand against any section of employees
also resorting to methods adopted by pilots to achieve their objectives.
Sections of Air
India pilots have launched an agitation against the decision of the management
to train pilots of Indian on the Boeing 787 aircraft more popularly known as
the Dreamliner. The aircraft is to join the airline fleet at the end of the
month.
The pilot
agitation has cost the airline around Rs 150 crore in lost revenues. It has
also put a question mark on the Government releasing Rs 30,000 crore of
tax-payers money to the state-owned airline.
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