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The Air India board on Monday approved a proposal to monetise assets worth Rs 5,000 crore over 10 years. The move will help pay for Air India's financial restructuring programme.
The board at its meeting here also approved the issue of Non-Convertible Debentures for 7,400 crore which have been guaranteed by the Government for part payment of the working capital Air India has received from banks.
The management's strong stand against sections of agitating pilots was also endorsed by the board.
The management has suspended over 70 pilots who had gone on sudden leave disrupting normal operations. Monday was the eighth day of the pilot agitation and over 20 scheduled flights were cancelled.
The board said that the management should take a tough stand against any section of employees also resorting to methods adopted by pilots to achieve their objectives.
Sections of Air India pilots have launched an agitation against the decision of the management to train pilots of Indian on the Boeing 787 aircraft more popularly known as the Dreamliner. The aircraft is to join the airline fleet at the end of the month.
The pilot agitation has cost the airline around Rs 150 crore in lost revenues. It has also put a question mark on the Government releasing Rs 30,000 crore of tax-payers money to the state-owned airline.
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