Air India posts over $2bn loss, CEO Gebremariam forms team
Business
Air India is in a tough spot with a loss of more than $2 billion in the fiscal year ended March.
CEO Tewolde Gebremariam has set up a team to hunt for ways to save money, as the airline deals with pricier jet fuel and flight disruptions from conflicts in Middle Eastern airspace.
Air India seeks $1.5bn
To stay afloat, Air India wants $1.5 billion from Tata Sons and Singapore Airlines.
After a tragic crash last year that killed 260 people, the airline came under regulatory scrutiny and operating aircraft without valid certifications.
Modernizing planes is also slow because of parts shortages, so employees are being asked to pitch in with cost-saving or money-making ideas as the airline works to rebuild trust and get back on track.