Aviation · India

Air India to ground 2 Boeing- 747 despite of $4.5 billion bailout.

State owned aviation company Air India was forced to ground two 747 dreamliner aircrafts despite of a $4.5 billion bailout from the government.  The planes were grounded because of lack of spare parts and was not able to cover the repair cost of these aircrafts. In a statement given to the Indian parliament , Junior Aviation Minister Mahesh Sharma said that due to financial crunch the engineering department was not able to buy relevant parts from Japan and was paying an additional  parking of $1 million every month for past 10 months.

The carrier has been in losses from the day it was merged from Domestic Carrier Indian Airlines. It amounts to 35% of the total market share and is facing stiff competition from other carriers like Jet Airways and Indigo Airlines.

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