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No bail-out for Jet Airways, management needs to run airline smoothly: Minister
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SME Times News Bureau | 20 Nov, 2018
The Centre on Monday said it would not bail out cash-strapped Jet
Airways, stating that it's the responsibility of the management to
implement policies to ensure financial stability and a smooth
functioning of the airline.
According to Civil Aviation Minister
Suresh Prabhu, the government looks at sector-specific issues in the
current deregulated policy environment.
Prabhu was answering
questions on a possible bail-out package for the private airline at the
launch event of the upgraded version of "AirSewa 2.0 web portal and
mobile app" here.
Civil Aviation Secretary R. N. Choubey said the airline wanted some time to pay charges levied by airport operators.
Choubey
said the issue had to be sorted out between the airline and airport
operators and that the ministry has no role in such commercial
deliberations.
Currently, the airline is facing financial troubles due to an increase in jet fuel prices, a weaker rupee, and low fares.
On
November 16, Tata Sons, the holding company of the Tata Group firms,
said discussions on acquiring a stake in the financially-troubled
airline were at a preliminary stage.
On Air India's financial woes, Choubey said the airline was being given support from "time to time".
He further said that the airline's performance was being monitored.
Last
month in Hyderabad, the secretary had said that a revival package for
the debt-ridden national carrier had nearly been finalised and that the
government was providing all support to Air India to ensure that it
remained a viable entity.
On August 7, Parliament had approved
the gross additional expenditure of Rs 980 crore for equity infusion
into the heavily indebted airline.
The Central government had
invited an Expression of Interest (EoI) on March 28 this year for
disinvestment of Air India, including the national carrier's
shareholding interest in Air India Express Ltd and Air India SATS. But,
it received no response till May 31, the closing day.
Despite the
lack of buyer interest, the government stated that it was still
committed to the idea of Air India's strategic divestment.
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