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Mumbai: The Air India board recently held a meeting during which deliberations on financial issues like bridge loans for aircraft deliveries, its plans for commercial transformation and reinventing the brand were discussed. Certain sources mentioned that during the meeting, functional directors of National Aviation Company of India Limited (NACIL) made presentations on their plans and strategies to reduce costs, as well as on operations of the Board.
The meeting comes in the backdrop of the Indian government approving the grant of the first equity infusion of Rs 800 crore and asking the company to take cost- reduction and revenue enhancement measures to turnaround the loss-making national carrier.
The Board is understood to have taken up as many as five proposals for approval, including financial sanctions for the commercial transformation of Air India. Sources added that the Board will take up a proposal to seek financial sanction of Rs 13.86 crore for its commercial transformation project to be undertaken as per the advice of Mckinsey (consultancy firm) and for reinventing the brand.
In addition, the management will also seek the Board's approval for bridge loans for aircraft deliveries this year and extension to Accenture, which is working on the merger process of erstwhile Indian Airlines and Air India, for another six months.
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