September 22, 2009 5:55 AM

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Pranab reviews Air India turnaround plan

Finance Minister Pranab Mukherjee reviewed the turnaround plan of the national carrier, including the steps it is taking to cut costs and improve savings.Official sources said, Mr.Mukherjee was briefed on the issue by the Civil Aviation Secretary M Madhavan Nambiar and Air India CMD Arvind Jadhav in New Delhi on Monday.The Finance Minister is understood to have made it clear that any government assistance to the national carrier is possible only after it reduces flab and costs. The meeting came as the Civil Aviation Ministry started work on preparing a note for the Union Cabinet on a package for Air India, including infusion of additional equity and a soft loan to overcome its present crisis.Air India seeking a 5,000-crore rupees bailout package from the government.

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