India: Tata Group loses 1.8 billion dollars
Rebranding operation starts for Air India at a delicate moment
India's Tata Group, which controls air carriers Vistara and AirAsia India, has released results for the 2022-2023 financial year. Consolidated losses relating to the balance sheets of its two airlines amount to more than 1.5 billion dollars. Meanwhile, today the Air India company presented its new red, white and purple logo, a rebranding operation that comes at a particularly delicate moment.
Returning to the Group's financial performance, this is affected by the previous financial liabilities of the Air India company (1.4 billion dollars), which continues to affect Tata's turnover (4.6 billion dollars) despite the increase in revenues. The low-cost carrier Air India Express was the only airline in the Group to report a profit.
Meanwhile, Tata reiterated his corporate strategy: the problems of the Air India company will be solved step by step. After repurchasing the airline in January 2022, the Indian group first covered the airline's liabilities, then repaired grounded aircraft, then hired hundreds of pilots and bought 200 new aircraft. The goal therefore remains to make Air India a global airline.
AVIONEWS - World Aeronautical Press Agency