PSU PRESS RELEASE
Air India looks to fly into profit by 2019-20
NEW DELHI. Government-owned explorers ONGC and Oil India face an additional royalty burden of more than $1 billion after the Narendra Modi government decided that they would have to pay royalty to crude oil-producing states such as Assam, Gujarat, Andhra Pradesh, Rajasthan and Tamil Nadu at ‘pre-discount’ rates.
As a consequence of some of these measures, the airline is expected to turn cash positive by 2017-18 rather than by 2019-20 as was envisaged earlier. Moreover, it is expected to report net profits by 2019 -20 ahead of the time frame of 2021-22 built into the original TurnAround Plan (TAP).
A new TAP says Air India will induct 100 aircraft by including narrow-bodied planes from Airbus, Boeing 787, 777 and ATR aircraft by FY 20-21 indicating towards a significant increase in capacity in the next four years.
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