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Air India Faces Hurdles in Joining Alliance – NYTimes.com

May 31, 2011 by Leave a Comment

Air India, the troubled state-owned airline, risks being rejected by the Star Alliance network of airlines because of delays in fulfilling membership conditions, an executive from Star Alliance said Monday, putting in jeopardy a key element of its turnaround plan.

“We have indicated to Air India that they will have to be ready to join, by latest, end of July,” said Markus Ruediger, media relations director at Star Alliance. There are “items outstanding” on a list of about 80 requirements, he said.

He did not elaborate about what Air India still needed to do, but he said Star Alliance had already made it clear that Air India had been given extensions and had taken longer then expected to fulfill the requirements. It is “not in their interest to delay any further,” he said.

Star Alliance first invited Air India to join the group of 27 airlines, which includes Air China, Singapore Airlines and United Airlines, in December 2007. The company said in March 2007 that it would merge with Indian Airlines, the state-run domestic carrier.

via Air India Faces Hurdles in Joining Alliance – NYTimes.com.

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Air India’s last chance

November 28, 2010 by Leave a Comment

In the 18 months that Arvind Jadhav has been the chairman of state-owned Air India, he has faced more than one crisis. Recently, the independent directors on the company’s board demanded the removal of Pawan Arora, the boss of Air India Express, the low-cost arm of the airline, for misrepresenting facts. The directive was opposed by Chief Operating Officer Gustav Baldauf who told Jadhav the procedure was not followed and Arora wasn’t given a chance to defend the allegations against him.

Meanwhile, Air India’s decision to shift domestic operations in Delhi to the new terminal, T3, before rivals turned out to be quite a disaster — there were huge cancellations, flight delays and of course harried customers.

In this chaos, the only redeeming piece of information to reach Jadhav’s desk was that the airline has pruned its losses. The operating loss decreased 39 per cent from Rs 5,672 crore in 2008-09 to Rs 3,472 crore in 2009-10, and the net loss fell 23 per cent from Rs 7,189 crore to Rs 5,551 crore. But critics say that these numbers do not reflect any fundamental change in the airline, and this has happened because of favourable circumstances — the industry is doing well, passenger numbers are growing and they are also willing to pay more.

So does Jadhav have a turnaround plan for Air India which will get the financially-crippled airline back in the black? Will he be able to prove some of his bosses in the aviation ministry wrong that the airline should be closed down?

To be fair, Jadhav’s hands are tied. The airline’s survival is to a large extent dependent on the government which alone can bail it out of the financial mess. Air India has a working capital debt of over Rs 18,000 crore, which was being used to fund cash losses, and this is projected to go up to over Rs 30,000 crore within a few years, if the government’s support does not come quickly. This means higher interest payout. Coupled with depreciation and the incentives paid to the airline’s 40,000 employees, it could blow a hole of Rs 3,000 crore per annum in Air India’s wallet.

Naturally, Jadhav has asked the government for help. “We have said the company will need an infusion of Rs 10,000 crore in equity and another Rs 10,000 crore in interest-free loan to get back to financial health,” says he.

His demands have not been met even halfway. The government has infused Rs 800 crore in equity, and has said that the next tranche of Rs 1,200 crore will only come if Air India meets the cost-reduction targets — something it hasn’t done so far. But it could allow Air India to raise $2.6 billion as external commercial borrowings with a sovereign guarantee. That could help Jadhav save Rs 600 crore in annual interest payout.

via Air India’s last chance.

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