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The new Cabinet Minister for Heavy Industries, Mr Praful Patel, said that Air India should not be declared sick and restoring its financial health is still possible.
After taking charge of his new portfolio on Thursday, Mr Patel said Air India required fresh equity for a long time and the decision to inject money into the airline came “a little too late”.
He added, “I have seen the document prepared by Deloitte and SBI Cap for the long-term plans of Air India. It is completely doable and certainly there is no issue of Air India not doing well in future.”
Mr Patel also expressed confidence that the new Civil Aviation Minister, Mr Vayalar Ravi, would be able to handle the revival of Air India.
A month ago, Mr Patel met the then Heavy Industries Minister, Mr Vilasrao Deshmukh, advising him not to declare Air India as a sick company. In his new role, Mr Patel would have to take that call and he said that putting Air India into the sick category would be categorical and not advisable.
“Now after coming in this Ministry, I will give all the help and positive approach to Air India,” he said.
Speaking on his priorities for the new portfolio, Mr Patel said that the help of his economic background will help him find a new direction for the functioning of the public sector enterprises.
The Government will also examine the issue of PSUs entering into joint ventures as long as it makes economic sense.
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