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Air India to cut costs by $227 mln to reduce losses

Reuters  |  NEW DELHI 

NEW DELHI (Reuters) - State-owned carrier Air India is to cut its costs by 14 billion rupees ($227 million), or about 6 percent of its total outlays, in the next financial year after the government asked the loss-making airline to improve its finances.Air India, which controls close to a fifth of India's domestic air travel market, has been losing money for years and has long been criticised for its high costs. In 2012, the government handed the company a $5.8 billion bailout package. The airline said in a statement late on Sunday that it would identify "surplus staff", freeze contractual ...

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First Published: Mon, January 19 2015. 10:59 IST