Time, ideas must for Air India independent directors

Time, ideas must for Air India independent directors
PTI
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First Published: Tue, Jul 21 2009. 03 53 PM IST
Updated: Tue, Jul 21 2009. 03 53 PM IST
New Delhi: The government has identified people, with time and ideas, to be taken on Air India’s board to steer the flag carrier to profitability, civil aviation minister Praful Patel said on Tuesday.
“We are going to form an independent board of directors very soon. I shall be meeting the Prime Minister this week and discuss all the probable names,” the minister said on the sidelines of a management institute function in the national capital.
The airline’s current board has only one independent director — N. Vaghul, ex-Chairman of ICICI — while the remaining nine are either from the civil aviation ministry or the airline itself.
The probables identified by the government are people who can “give time and contribute meaningfully for this great turnaround” that the airline hopes to achieve, Patel said.
On the requirement of funds for reviving the national carrier, Patel said a revival plan on the financial side is expected from SBI Caps soon.
Dispelling the notion that the government would bail out the carrier, whose losses in FY’09 are expected to be near about Rs5,300 crore and working capital borrowings around Rs16,500 crore, Patel said the ministry was not looking at any major financial help but only an equity infusion.
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First Published: Tue, Jul 21 2009. 03 53 PM IST