NEW DELHI — Air India sold 21 planes for an estimated $447.55 million between March 2007 and March 2009, Civil Aviation Minister Praful Patel said Tuesday.

The country’s flag carrier sold and leased back 14 Airbus planes and three Boeing aircraft for a total of $428.98 million, Mr. Patel said in a written reply to a lawmaker’s query in the upper house of Parliament.

Air India also sold one Boeing and three Airbus planes during the period for $18.57 million, Mr. Patel said.

The minister said also Air India currently pays $13.61 million as rent each month for 46 leased planes.

Replying to another question, Mr. Patel said Air India spends 15 billion rupees ($311.8 million) each month before depreciation on its operations.

These costs also include benefits offered to Air India staff such as medical benefits, staff housing, holiday homes and travel passes among others, Mr. Patel said.

“Initiatives undertaken to bring down the overhead costs include rationalization of routes, rationalization of manpower costs and reduction of contractual employment,” Mr. Patel said.

The airline has also been mandated to rationalize aircraft deliveries and return leased planes.

The government is considering establishing an international advisory board, reconstituting Air India’s existing board, constituting a turnaround committee to spearhead cost reduction, shutting down off-line offices and reducing employees at foreign stations, Mr. Patel said.

Source: Wall Street Journal