Pakistan had shut its airspace on February 26 due to the Balakot air strike by the Indian Air Force, which resulted in a significant rise in Air India's operating costs on flights connecting north Indian cities and regions eastward of Pakistan.
For the disinvesment process, the official said the airline's books of accounts till July 15 have been closed and those financials would be used while seeking bids. Promotions and fresh appointments have also been frozen ahead of the stake sale for Air India.
They come as Britain weighs its response to Iran's seizure Friday of a British-flagged oil tanker in the Strait of Hormuz and rising tensions stemming from U.S. sanctions' effect on Iran's economy and oil exports.
“The Board has decided to seek the approval of the shareholders at the upcoming Annual General Meeting for expanding the Board to enable the induction of an independent woman director,” IndiGo said in a statement.
Speaking at the 12th International Conference-cum-Awards on Civil Aviation and Cargo, Hardeep Singh Puri said an alternative mechanism was worked out to look into the disinvestment process of state-owned Air India.
Spicejet, now the second-largest domestic carrier, added 30 planes — mostly Boeing 737s — taking its operational fleet strength to 95. Jet Airways suspended all operations on April 17 due to financial crisis.