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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World No layoffs planned in Air India restructuring By ERIKA KINETZ,AP Business Writer - Sunday, July 25 Send IM Story Print MUMBAI, India – Air India's latest turnaround plan, presented to the board and unions Sunday, includes no staff cuts _ the very thing critics say is required to turn around India's troubled national carrier. "There is no need to cut manpower size by reducing jobs and sending people home," Civil Aviation Minister Praful Patel said Sunday. He also pledged further help to Air India as it struggles to restructure its pricey debt and to pacify restive unions, which have staged two debilitating strikes since September. The government plans to offer guarantees to lenders to encourage them to take on Air India's debt at lower interest rates. Patel said the government _ which handed over 8 billion rupees ($170 million) last fiscal year and pledged another 12 billion rupees ($255 million) this year _ would consider further equity infusions if the carrier continues to cut costs and improve revenues. "The government stands committed to further infusions of equity," he said. Kapil Kaul, chief executive of the India unit of the Center for Asia Pacific Aviation, an independent aviation research group, has estimated that Air India has accumulated an unserviceable debt burden of about $8 billion, and that its staff, which tops 30,000, is about twice as big as it should be, costing the carrier $800 million a year. Air India seems to be relying on natural attrition to reduce head count. Executives also hope that a return to growth in the sector and spinning off new businesses _ like cargo handling for third parties _ will keep its many employees busy. Air traffic revenue for the April to June quarter increased by 6.4 billion rupees ($136 million), with passenger revenues up 28 percent to 5.5 billion rupees ($117 million) and cargo revenues up 61 percent, to 920 million rupees ($19.6 million). The airline said it served an average of 36,000 passengers a day during the quarter, up 18 percent from the year-ago period. Its fuel bill rose 33 percent during the quarter, costing 4.9 billion rupees ($104 million). Recommend Send IM Story Print Related Articles Australia's ruling Labor Party narrows poll lead - paper Reuters - 41 minutes ago US-BUSINESS Summary Reuters - 59 minutes ago EU's Juncker says Slovakia may reconsider help to Greece Reuters - 59 minutes ago China soars to forefront of foreign investors in Brazil AFP - 1 hour 51 minutes ago Europe's prospects brighten as U.S. fades Reuters - 2 hours 1 minute ago News Search Top Stories US' Geithner rejects fears of double dip recession BP chief likely to resign in wake of US oil spill Profile of BP chief Tony Hayward BP boss 'set to resign within 24 hours' China sends pandas into wild to bring up cubs More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended BP boss 'set to resign within 24 hours' Actress Zsa Zsa Gabor in 'critical condition': publicist China sends pandas into wild to bring up cubs Solar drone lands after record 14 days aloft BP to start drilling off Libya More Most Viewed » Parachuting donkey shocks Russian beachgoers Paris Hilton caught with cannabis in handbag Germany's 'Octopus oracle' keeps perfect record More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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