India’s top airline cuts staff 10% in bow to virus impact

IndiGo, one of the world’s fastest-growing airlines before the coronavirus pandemic, will cut 10% of its workforce in a concession to the crisis that’s upended travel around the world. The Indian carrier, operated by InterGlobe Aviation, said Monday that the disease has made it “impossible for our company to fly through this economic storm without making some sacrifices.” The cuts could cost 2,700 jobs based on the airline’s total payroll, though it didn’t provide a number. IndiGo, which controls more than 50% of the Indian market, has been viewed as one of the industry’s healthier carriers, with enough liquidity to withstand a downturn for several months. Its move suggests that weaker airlines will have to take more drastic measures<br/>The company, owned by billionaires Rahul Bhatia and Rakesh Gangwal, is the biggest customer in the world for Airbus’s best-selling A320neo jets, and so far has been among the handful of airlines to keep accepting new aircraft deliveries on schedule. IndiGo plans to raise 30b rupees ($400m) to augment its balance sheet and prepare for future growth.<br/>