Air India targets profitability within 24 to 36 months

New Delhi, Aug. 7 (ANI): Air India on Friday came out with numerous revival programs that would see the airline return to profitability within the next 24 to 36 months.

Addressing the media in the national capital, Chief Managing Director of Air India Arvind Jadhav said that Air India would be back in profit after 36 months and that the company would come up with an IPO in the next 18 months.

Among other the revamp plans Jadhav informed that Air India would launch a domestic low cost service and re-evaluate aircraft purchase and financing processes.

"Air India would launch low cost domestic services in 9 months and would increase the accountability of its staff," Jadhav added.

The low-cost services would initially be operated from 24 cities with a mix of both metro and non-metro routes, while the service is expected to have 161 flights a week.

Air India would also restructure existing debt and fleet rationalization particularly matching capacity with the availability of demand.

"The target is also to ensure the phasing out of old aircrafts and returning of the leased ones," Jadhav said. (ANI)