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27 March 2017 22:22 (South Africa)

Air India to keep flying, thanks to $1.1 billion bailout

After losses of $875 million, the ailing Indian national carrier, Air India, will receive $1.1 billion in help from its government. As a part of the agreement, Air India will restructure its operations to cut costs by $650 million. Of course, that will mean job losses and wage cuts, which will inevitably set Air India on a collision course with the unions, which have so far been understanding of the company’s financial problems. Air India hopes that the signs of economic recovery will also lift its fortunes.

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