Thread by @seshanm

#TearIndia
Air India was systematically looted through purchase of 111 aircraft, merging it with Indian Airlines & liberalization of bilateral rights. m.economictimes.com/industry/trans…

"Before 2005, Air India was making a profit of Rs 15 crore per annum and Indian Airlines was making profit of Rs 50 crore. These airlines were made to purchase 111 aircraft at a cost of Rs 50-55,000 crore which pushed the national carrier into deep debts," Scindia said.

"Scindia said the decision to merge two airlines with completely different work cultures, purchase of 111 aircraft, liberalisation of bilateral rights when Indian air carriers did not have the capacity to fulfill it pushed Air India to post a daily loss of Rs 20 crore."

"He said the losses of 14 years had accumulated to Rs 85,000 crore, the equity infusion had cost the government Rs 54,000 crore, grants to the airline totalling Rs 50,000 crore and net debt of Rs 66,000 crore had left Air India staring at a chasm of Rs 2.5 lakh crore."

"Air India sale: Here’s how UPA’s Praful Patel, AK Antony, others catapulted national carrier into debt" zeenews.india.com/companies/air-…