Financial Daily from THE HINDU group of publications
Tuesday, Oct 07, 2003
Financial Daily from THE HINDU group of publications Tuesday, Oct 07, 2003 |
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Logistics
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Airlines Air India, IA to get more aircraft on lease Our Bureau
New Delhi , Oct. 6 AIR India and Indian Airlines will soon induct more aircraft to strengthen their fleet. While the IA board, at its meeting here on Monday, approved the formation of a three-member Empowered Committee to ensure speedy and smooth induction of five more Airbus A-320 aircraft on lease, the AI board also cleared a proposal for dry-leasing two Boeing 747-400 and two Airbus A-310 aircraft. The induction of the four aircraft will see the AI fleet strength increase to 33 aircraft. The Empowered Committee, comprising the Additional Secretary (Finance), the Joint Secretary in the Ministry of Civil Aviation and the IA Chairman and Managing Director, will examine the tender offers to be received on Tuesday to finalise the leasing of five Airbus A-320s. The airline hopes to induct at least three aircraft on lease during the ensuing winter schedule, which comes into effect from end-October. The remaining two leased aircraft are to be inducted next year. The IA board also approved a capital investment of Rs 51.91 crore for procurement of various ground support equipment to enable the airline to better meet the requirements of the growing business that it is generating. Sources said in the recent past, the airline had been chosen by British Airways to do its ground handling work in Chennai while an airline from the Far East had indicated that it would be willing to hand over the same job if the airline added flights to Kolkata. The revenue generated by IA through ground handling has been increasing steadily and touched Rs 128 crore during 2002-03, up from the Rs 13 crore earned during 1991-92. The IA board was also informed that there has been a substantial decline of nearly Rs 52 crore in the insurance cover that was negotiated for the entire fleet. The premium outgo for the year 2003-04 will be Rs 130.14 crore as against a premium of Rs 182.13 crore paid by IA during the previous year.
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