Air India Eyes Former Garuda Indonesia CFO Balagopal Kunduvara As Its Finance Chief: Report
· Free Press Journal
Air India is considering appointing Balagopal Kunduvara, a former senior executive at Singapore Airlines and Garuda Indonesia, as its next chief financial officer (CFO), according to a Bloomberg report citing people familiar with the discussions.
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Kunduvara has emerged as a leading candidate, although the airline has not announced a final decision.
The development comes as Air India attempts to strengthen its finances following a record annual loss and mounting operational challenges.
Air India Turns Shopping Into Free Flight Rewards, Launches ‘The Maharaja Shop’ To Earn Points On Everyday PurchasesKunduvara recently stepped down as finance chief of Garuda Indonesia after serving for slightly more than a year.
Before joining the Indonesian carrier, he spent over two decades at Singapore Airlines, which holds a stake in Air India alongside the Tata Group.
Garuda confirmed his departure, while Kunduvara acknowledged his exit in a LinkedIn post.
Air India is reportedly seeking ₹10,000 crore, approximately $1.1 billion, in additional funding from its shareholders.
The airline recorded losses exceeding ₹22,000 crore in the previous financial year, increasing pressure on management to improve financial performance.
Newly appointed Chief Executive Officer Tewolde Gebremariam, who previously headed Ethiopian Airlines Group, has identified cost reductions as a priority.
Air India's recovery efforts face challenges from elevated aviation fuel prices linked to the conflict involving Iran.
The airline is also dealing with weaker passenger traffic to the Middle East and restrictions on using Pakistani airspace.
The airspace closure has forced westbound flights departing from New Delhi to follow longer routes, adding to operational costs.
Gebremariam is reportedly exploring measures to strengthen Air India's underperforming cargo operations and integrate important departments with its low-cost subsidiary, Air India Express.
The airline is also examining whether additional services to Europe and the US could operate through Mumbai instead of Delhi to reduce disruptions caused by Pakistani airspace restrictions.
Kunduvara's potential appointment would come as Air India seeks to improve financial discipline, contain expenses and support its broader restructuring programme.