Air India CMD Rajiv Bansal gets three-month extension
NEW DELHI: Rajiv Bansal has been given a three-month extension because the CMD of disinvestment-bound Air India, based on a senior authorities official.
The tenure extension for Bansal as Chairman and Managing Director (CMD) comes at a time when the federal government is within the strategy of finalising the modalities for the airline’s strategic disinvestment.
A civil aviation ministry official in the present day mentioned Bansal has been given an extension as CMD of Air India for 3 months.
An order on this regard was issued on Thursday.
Throughout his three-month tenure, Air India launched companies to Copenhagen, amongst others. He additionally initiated varied steps to scale back prices and enhance on-time efficiency of flights.
“We’ll plan to work on profitability with a missionary zeal, enhance our on time efficiency and guarantee buyer satisfaction,” Bansal had mentioned quickly after assuming cost because the CMD in August.
He was initially appointed for a interval of three months.
Bansal, who can be further secretary and monetary adviser on the petroleum ministry, is a 1988-batch IAS officer of the Nagaland cadre. He hails from Haryana.
The airline, which has a debt burden of over Rs 50,000 crore, managed to eke out operational revenue for the primary time in a decade in 2015-16.
As a part of efforts to revive the fortunes of Air India — which is staying afloat on taxpayers’ cash — the federal government has began the disinvestment course of for the airline.
Beneath a turnaround plan authorized by the earlier UPA regime, Air India is to obtain as much as Rs 30,231 crore from the federal government topic to assembly sure efficiency thresholds. The ten-year bailout package deal started from 2012.
Up to now, the embattled provider has acquired round Rs 26,000 crore beneath the package deal.
The Cupboard Committee on Financial Affairs (CCEA) gave its in-principle nod for the strategic disinvestment of the airline in June this 12 months.