case air india
TRANSCRIPT
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Air India Crisis The National Air
Carrier on a FreeFall
21st June
2011
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How it started
Air India (Hindi: ) is a state-owned flag carrier, theoldest and the largest airline of India. It is a part of the Indian
government-owned Air India Limited (AIL) which is renamed
as Air India Ltd. The airline operates a fleet
of Airbus and Boeing aircraft
serving Asia, Australia, Europe and North America. Its
corporate office is located at theAir India Building at Nariman
Point in South Mumbai. It is the 16th largest airline in Asia. AirIndia has two major domestic hubs at Indira Gandhi
International Airport and Chhatrapati Shivaji International
Airport. An international hub at Dubai International Airport is
currently being planned.
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Some six decades ago in August 1953, the Indian airtransport
industry was nationalised to provide safe, smooth and economic air
travel to the people. It involved eight warring airlines with different
work cultures, horrendous safety record, disastrous financial
conditions because of cut-throat competition and inefficient
management in some.
Thus come into existence Indian Airlines Corp and Air India Ltd to
operate domestic and international long haul services. The
nationalisation was also expected to spur growth, promote economicactivity, rush assistance in times of natural calamities like flood,
famine and earthquake, foster national integration and, above all,
serve as the second line of defence in the event of war with another
country.It must be conceded that the nationalised airlines fulfilled most of
the expectations of the nation, particularly at times of natural
calamities and during the wars with China and Pakistan. This apart,
bringing remote places of the country into the mainstream byconnectin them with air service need not be told.
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Timeline
1. Founded by JRD TATA in 1932
2. 1953 Indian Govt. acquired major stake
3. 1960 purchased first boeing 707 and entered jet age
4. Renamed to Air India Ltd. In 1996
5. Was set for disinvestment in 2001 but it failed due to global slowdown.
6. In 2006 the airlines began showing signs of financial distress. Estimatedloss Rs. 770 crores ( 7.7 billion).
7. In 2007 Air India and Indian Airlines merged along with their subsidiaries to form Air
India Limited.
8. Senseless merger of the two wings of the airline took loss figures to Rs7,200 crores
( 72 billion) by March 20099. This was followed by various restructuring plans which were not at all effective.
10. May 2011 : Already reeling under financial crunch because of the ten day pilot
strike Air India finds itself in a tight spot as State-run oil companies the Indian Oil
Corporation, the Bharat Petroleum Corporation Ltd. and the Hindustan Petroleum
Corporation refuse to supply the fuel to the bleeding carrier.
11. For the financial year 2010-2011 a loss of Rs 7000 crore is expected.
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From a business case standpoint it
should have ceased to operate a few
years back had it been a privatecompany.
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Problems (part 1) Was not prepared for competition it started getting after the
liberalization of India economy in 1990.
Bloated workforce. Air India has 28,000 permanent staff, doubleJet's headcount. It operates 127 aircraft, compared with Jet's115.
Highest Employees per Aircraft in the world 200:1 where as
desirable is 130-170:1.
Bad management and faulty policies has brought Air India to thiscrisis level.
A culture of complete sloth in administration.
Complete lack of Ownership.
Lake of responsibility for results and failures. Deeply ingrained corruption in all levels.
Instead of renting out unused portions of iconic Nariman Pointbuilding for the huge sum, the debt-ridden airline is paying Rs 22lakh each month for its upkeep; 15 of its 23 floors are lying
vacant.
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Problems (part 2)
Old gas guzzling air crafts still running.
Poor marketing and campaign management,competitors like spicejet, jet, and kingfisher do
effective marketing.
Employees not paid salaries.Employee strikes further taking it out of business,
and competitors taking advantage.
The airline has not posted a profit since mergingwith former duopoly partner Indian Airlines in 2007
and relies on handouts from New Delhi to survive.
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Flight to survival
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It needs :
to secure a massive debt and operational overhaul if it is
to survive in a market growing at 20 percent a year.
$4 billion of working capital debt
Privatization free from govt interference.
to Lure customers and grab lost market share.
to lease some of the 14 vacant floors in its landmarkbuilding in south Mumbai to raise about $1 billion over
five years
to clear $9 billion in debt as well as outstanding dues both
to airport developers and state oil firmsto tackle a bloated cost structure, a difficult task given a
workforce that is heavily unionised.
to do some downsizing.
To cut unprofitable routes and create a new plan that
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Recent strategic implemetations.
from June 15 to July 25. AI launched an economy class
package worth Rs.30000 and also a business class package
worth Rs.50000 which will allow passengers to enjoy
unlimited number of flights along the length and breadth
of the country.
Long Pending salaries of its employees would be disbursedby the end of June 2011.
Company in talks with 26 banks to restructure debt.
The latest plan would focus on a hub-and-spoke route
model, cut costs by redeploying staff and unload non-corereal estate.
According to the restructuring plan, part of the debt would
be converted to long-term loans at fixed rates of interest
with the remainder converted into preference shares to be
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7/30/2019 Case Air India
12/12
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