AI spouts restructuring buzzwords–recovery in 36 months

New Delhi: Claiming it never asked for a bailout package from the government, Air India chairman-cum-managing director, Arvind Jadhav, said it was aiming for a turnaround over the next three years. He also said NACIL would have to ''change the way it did business.''

Significantly, Jadhav denied that the airline had ever sought a bailout package. "We have never written to the government for a bailout package ... we have never talked of waiver of ATF charges, waiver of taxes, waiver of penalties," Jadhav told reporters here.

The flag carrier's about turn on a bailout package comes even as a proposed strike by private carriers fizzled out. They too were demanding a bailout package on the lines they perceived the government would favour the national carrier. Demands included reduction of sales tax on jet fuel and a cut in airport charges.

Jadhav clarified that the airline had sought equity infusion as well as a soft loan. It was in talks with banks and financial institutions to convert its high-cost loans of Rs10,000-11,000 crore into a low-cost one, he said.

He pointed out that the company's earlier acquisitions had been managed through internal resources and not through taxpayer money. 

Without missing out on a single buzzword associated with the restructuring process of any airline, Jadhav said the carrier would launch a number of initiatives to affect a turnaround, including on-time performance and seamless connectivity.