Government paying Rs 20 crore daily on Air India, wants quick handover: DIPAM Secretary
NEW DELHI: Two aborted missions, three different ministers, multiple rule changes and two decades later, Indian taxpayers will no longer have to pay Rs 20 crore per day to keep the loss-making Air India flying. While opposition Congress expectedly attacked the decision as selling the family silver, DIPAM Secretary Tuhin Kanta Pandey said what Tata […]
Work to monetise Alliance Air, 3 other Air India subsidiaries to start: DIPAM Secretary
NEW DELHI: After the historic Air India privatisation, the government will now start work on monetising its four other subsidiaries, including Alliance Air, and over Rs 14,700 crore worth non-core assets like land and building, DIPAM Secretary Tuhin Kanta Pandey said. The government on October 8 had announced that salt-to-software conglomerate Tatas have won the […]
Tatas retakes Air India, makes Rs 18,000 crore winning bid
NEW DELHI: Tata Sons will retake Air India – the airline it founded nearly 90 years back – as the Narendra Modi government accepted its winning bid of Rs 18,000 crore to acquire 100 per cent of the debt-laden state-run carrier. Talace Pvt Ltd, a unit of the holding company of salt-to-software conglomerate, made the […]
Cairn Energy sues Air India to enforce $1.2 billion arbitration award: Report
NEW DELHI: Cairn Energy has sued India’s flagship carrier Air India to enforce a $1.2 billion arbitration award that it won in a tax dispute against India, according to a US District Court filing reviewed by Reuters. The move ratchets up pressure on India’s government to pay the sum of $1.2 billion plus interest and […]
Air India flight with all-woman cockpit crew successfully lands at Bengaluru airport
NEW DELHI: Air India’s longest direct flight from San Francisco to Bengaluru with an all-woman cockpit crew successfully landed in the southern city on Monday. The national carrier had said on Saturday that this flight would be the longest commercial flight in the world to be operated by any Indian airline and the total flight […]
Modi government invites EoI for strategic sale of Shipping Corporation
NEW DELHI: The Narendra Modi government (Centre) has expanded its strategic disinvestment plan for current fiscal initiating the sell-off plan for Shipping Corporation of India Ltd (SCI) by inviting expression of interest from potential interested parties. The government proposes to sell its entire shareholding of 63.75 per cent in the listed entity to a buyer […]
Air India privatisation unlikely to conclude this fiscal
NEW DELHI: Privatisation of Air India may spill into next fiscal year as the divestment process is unlikely to conclude in the remaining a little over three months of 2020-21, an official said. Salt-to-software conglomerate Tata Group and US-based fund Interups Inc were among “multiple” entities that put in preliminary bids last week for buying […]
Disqualify Tata Sons from Air India bid: Subramanian Swamy
NEW DELHI: BJP’s Rajya Sabha MP Subramanian Swamy has said that Tata Sons or any of its partners should be disqualified from bidding for national carrier Air India. Swamy has written to Civil Aviation Minister Hardeep Singh Puri on this. “In public interest and in the interest of justice, Tata Sons and/or with any other […]
Kanti Commercials and consortium puts in EoI for Air India
NEW DELHI: Kanti Commercials, followed by Fragment Nivesh and Enormous Nivesh are the top three companies that are leading a consortium, which put an EoI for Air India. “We are very much eligible to bid for the disinvestment programme of Air India and have expertise in turning around sick industrial enterprises into profitable ones, said […]
Tata Sons among multiple bidders to buy national carrier Air India
NEW DELHI: Salt-to-software conglomerate Tata Group was among “multiple” entities that on Monday put in preliminary bids for buying the government’s stake in loss-making carrier Air India. “Multiple expressions of interest have been received for strategic disinvestment of Air India. The Transaction will now move to the second stage,” Department of Investment and Public Asset […]
Air India’s direct Hyderabad-Chicago flight from January 15
NEW DELHI: Hyderabad is all set to get a non-stop connectivity with the United States as Air India will launch its direct flight from the city to Chicago from January 15. The national carrier will operate the flight bi-weekly, GMR-led Hyderabad International Airport announced on Wednesday. The airline will operate Boeing 777-200 aircraft, with a […]
Ram Nath Kovind inaugurates Air India One flight
NEW DELHI: President of India Ram Nath Kovind on Tuesday boarded the Air India One — B777 aircraft — on its inaugural flight to Chennai. “The President of India, Shri Ram Nath Kovind boarded the Air India One – B777 aircraft for inaugural flight to Chennai today (November 24, 2020). He is visiting Tirupati, Andhra […]
Air India to raise Rs 6,150 crore in short term loan for aircraft refinancing
NEW DELHI: Air India is raising Rs 6150 crore in short-term loans to refinance foreign currency bridge loans taken to buy seven Boeing 787 and 777 aircraft. Air India is looking to repay its aircraft debt towards six Boeing 787 Dreamliners and one Boeing 777, Aviators Buzz reported. Air India has floated a bid document […]
Air India to commence flights from Amritsar to Nanded
NEW DELHI: National passenger carrier Air India said on Tuesday that it will introduce regular flights from Amritsar to Nanded in Maharashtra from November 10. According to the airline, the service will be operated on its A320Neo aircraft on every Tuesday, Thursday and Saturday. “This flight will fulfil the long standing demand of pilgrims, non-resident […]
Modi government to invite Air India bids based on enterprise value
NEW DELHI: In an aggressive push to off-load its stake in the national carrier, the Narendra Modi government (Centre) has decided to invite bids for Air India based on the company’s enterprise value. Notably, the change in criteria will allow for the bidding to take place on the current value of the assets and other […]
Air India Express’s FY20 net profit climbs to Rs 412.77 crore
NEW DELHI: Air India’s low-cost international subsidiary Air India Express on Wednesday reported its highest-ever net profit, at Rs 412.77 crore for the financial year 2019-20. The airline had reported a net profit of Rs 169 crore in 2018-19. The airline which started its commercial operations in April 2005, has been reporting net profit continuously […]