Air India charts turnaround course

National Aviation Company of India (Air India), the country's flag-carrier, is on course to regain its position as the leader in Indian aviation space, if the 5-year turnaround plan prepared by the state-owned airline is anything to go by.

Air India hopes to provide seemless travel within India and the world to become the leader in Indian aviation and India's ambassador to the world in the 2010-14 period, an official release said.

Air India said its corporate mission would be to deliver the highest quality of service around the world and to become the epitome of Indian hospitality.

For this, the airline would restructure its working capital loans through a mix of long-term, government-backed bonds and bullet payment. Government would also pool in to strengthen NACL's equity base and strengthen its balance sheet.

The airline is also planning to offer some of its land and buildings either through outright sale or as security for raising fresh loans.

On the operational side, Air India has targeted 25 million domestic and 15 million international passengers by 2015. The airline expects passenger-enplaned revenue (PAX) of Rs35,000 crore and a non-PAX revenue of Rs6,500 crore by the year 2015.