AirAsia India on Thursday announced a major management overhaul with the appointment of Amar Abrol as its new chief executive, slated to come in place of Mittu Chandilya, along with a few other top management changes.
Abrol, who has over 20 years of experience in the finance sector was till recently the CEO of Tune Money, a group company that belongs to Air Asia founder Tony Fernandes. He will take over as AirAsia India CEO from April 1, 2016 and Chandilya will continue with the company till end of that month to ensure a smooth transition, the company said.
AirAsia India also announced the appointment of Ankur Khanna as the chief financial officer and Kiran Jain as the head of commercial. Both these executives come with a wide ranging experience of the aviation industry.
AirAsia India was expected to make a major dent in the Indian aviation market with its low cost offering. However, its marketshare remains at 2.3%. It has been struggling to achieve profitability but showed a decline in operating loss during the fourth quarter ended December at Rs 25.65 crore. It had posted a loss of Rs 61.15 crore for the third quarter of the 2015 fiscal, as per the disclousres made by the parent company in Malaysia. Revenue at the end of fourth quarter touched Rs 200.8 crore as against Rs 131 crore in the third quarter.
The low cost airline, a joint venture between AirAsia Berhad and the Tata Group, has a fleet of six aircraft, covering 12 routes carrying over 1.8 million passengers. In the most recent quarter of operation, October-December 2015, AirAsia India clocked a 134% growth in passenger traffic as it flew over half-a-million customers, and operated 3,376 flights.