New DelhiOne hour ago
- copy link
Air India reported a loss of Rs 7,017 crore after tax deduction during the financial year 2020-21. This loss has happened due to restrictions imposed due to Kovid-19. Although this loss is less than a year ago. In 2019-20, Air India reported a loss of Rs 7,766. Air India’s board of directors met on Thursday to approve the audited financial results of the firm.
Air India’s Expenses Decline
Air India reported lower losses in FY21 as its expenses declined significantly as compared to the previous financial year. Air India’s expense came down to Rs 19,083.33 crore in 2020-21 from Rs 36,290.17 crore in 2019-20. The national carrier’s revenue also fell during the last fiscal as compared to FY15. Its revenue also declined from Rs 28,524.44 crore in FY20 to Rs 12,104.05 crore during the previous financial year.
Disinvestment likely to be completed in next 10 weeks
Civil Aviation Secretary Rajiv Bansal said the disinvestment of Air India is likely to be completed in the next 10 weeks and till then only necessary revenue and capital expenditure should be done. Bansal also holds the charge of Chairman and Managing Director of Air India. Bansal said the airline’s disinvestment process is in its final stages and the Tata Letter of Intent has already been done.
Air India returns to Tata Group after 68 years
On Friday, the government had announced the sale of National Carrier to the Tata Group at an enterprise value of Rs 18,000 crore. With this, Air India has returned to the Tata Group after 68 years. With the brand and slot of the debt-ridden airline, Tata will get 50 per cent stake in Air India Express and ground handling firm AISATS.