 "Tightening the belt: Air India to shut 64 offices across India, leases out Mumbai property")
As part of its cost-cutting drive, loss-making national carrier Air India will shut down its city booking offices in 64 locations across India by 1 October but ironically it will keep the ones abroad open to cater to diaspora there.
A Business Standard report quoted an Air India official as saying that shutting down of city offices will result in savings of Rs 18 crore a year in rent and salaries.
AI, with a market share of around 20 percent, suffered an operating loss of Rs 2,120 crore in the 2013-2014 financial year, down from Rs 3,800 crore in 2012-13 and Rs 5,140 crore in 2011-2012.Total post-taxlosses at the indebted airline,however, came in at Rs 5,380 crore, down slightly from a year earlier.
The government bailed out Air India with Rs 30,000 crore in 2012 but the national carrier continues tolose money on 19 routes, six of them international ones.
As part of its effortto improve the operational and financial performancethe airline has leased out commercial property at its iconic landmark headquarters at Nariman Point in Mumbai to raise funds.
Air India has leased out an area of 73,395.07 square feet (sq. ft) to State Bank of India (SBI), Tata Consultancy Services (TCS), Bharatiya Mahila Bank, Bank of India and Kashmir government emporium at its Mumbaibuilding to leverage the airlines’ assets to generate funds.
Rationalization of certain loss making routes, induction of new aircraft on several domestic and international routes to increase passenger appeal, implementation of fuel efficiency and gap analysis with the help of IATA are some of the other measures undertaken to improve the operational and financial efficiency of Air India.
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