tinyfav.com
tinyfav.com August 19, 2017


Air India privatisation move draws union opposition

30 June 2017, 01:02 | Lucy Hill

Image credit Adrian Pingston Wikimedia Commons

Union Cabinet approves privatisation of debt-ridden national carrier Air India

Air India-one of the most famous air carriers in India was struggling with a debt of more than Rs 52,000 crores for many years.

The committee set for this objective will "guide the process on strategic disinvestment from time to time and decide the following: Treatment of unsustainable debt of Air India; Hiving off of certain assets to a shell company; Demerger and strategic disinvestment of three profit-making subsidiaries; The quantum of disinvestment; and The universe of bidders".

IndiGo, operated by InterGlobe Aviation Ltd, sent in its interest late Wednesday night, minister of state for civil aviation Jayant Sinha said.

Jaitley has in the recent past expressed strong views on the need to divest Air India considering that it had acquired heavy losses over a long period. The National Carrier survived for the bailout package of 30,000 Crores that has pumped in by the Government during UPA-II to save the Airlines.

The decision was given by the Union Cabinet at its meeting chaired by Prime Minister Narendra Modi.

Big cases, retirement rumors as Supreme Court nears finish
He voted for in favor of affirmative action , saying universities should indeed have race-conscious admissions plans. To the delight of abortion rights supporters, Kennedy voted to reaffirm the core holding of Roe v.

French see no one to counter Macron, set to sweep parliament
Conceding the party was facing "unprecedented" losses, PS chief Jean-Christophe Cambadelis appealed to voters to rally behind Mr. But the National Front , Le Pen's party, dropped from 21 percent in the presidential election to just 13 percent on Sunday.

Trump Associate Roger Stone to Testify as Part of Russia Probe
He's largely seen as a "political dirty trickster" for promoting a number of falsehoods and conspiracy theories. According to that same statement, Stone is reportedly looking forward to making his testimony to the committee.

Leading domestic carrier IndiGo has expressed its interest to buy out Air Indias flight operations, particularly worldwide services, as the airline looks to spread its wings overseas. It has a domestic market share of 14% and a share of 17% on global routes out of India. A panel headed by the Finance Minister would decide the course of action.

Given that the domestic air passenger traffic in India is forecast to grow at a 13 percent CAGR from FY16 to FY26, according to Morgan Stanley Investment Management, Agrawal said, "I would expect that there would be interest from somebody willing to buy a company which is already up and running, instead of starting something from scratch". Air India traces its roots to Tata Airlines, which was formed way back in 1932.

Together with the letter, IndiGo included a small presentation showcasing its market, network and fleet expansion plans, said a government official, who has seen the letter and declined to be named.

He also cited IndiGo's track record of consistently being profitable airline with a strong balance sheet.

The ministerial group will consider among other things, the treatment of unsustainable debt of Air India; hiving off of certain assets to a shell company; demerger and strategic disinvestment of three profit-making subsidiaries; the quantum of disinvestment; and the universe of bidders. Air India Privatization has been under consideration for the 30000 Crores Working Capital Loan and 22000 Crores Aircraft Purchase Loan. "The civil aviation ministry is exploring all possibilities", Jaitley had said. With an equal stake in low-priced carrier AirAsia India in partnership with Malaysia's Air Asia and a controlling stake in a premium airline Vistara in a joint venture with Singapore Airlines, Ratan Tata has established himself as an airline aficionado not only in Indian media but also in the likes of Bloomberg. Familiar lovable figure first made his appearance in Air India way back in 1946, when Bobby Kooka as Air India's Commercial Director and Umesh Rao, an artist with J.Walter Thompson Ltd., Mumbai, together created the Maharajah.



Other News

Trending Now

Cosby judge could revisit issue of revealing names of jurors
The county courts and the district attorney's office have not yet calculated how much the Cosby prosecution cost taxpayers. It's not unusual for a judge to seal juror names after a trial, according to veteran defense attorney Thomas Bergstrom.

Prosecutors Struggle to Find Jurors Who Don't Already Hate Martin Shkreli
Jury selection in the trial of Martin Shkreli is proving tricky, as the notoriety of "Pharma Bro" precedes him. One by one, potential jurors huddled with the judge and the lawyers, WCBS 880's Peter Haskell reported .

NBA draft draws second-largest audience on ESPN
Fultz comes to Philadelphia with plenty of expectations and is already being compared to one of the best players in the league. As the starting point guard for the Lakers, he will be on one of the biggest stages in the National Basketball Association .

Merkel urges Europe to rise to climate change challenge
Chinese President Xi Jinping has sought to champion both topics since Trump took office, aiming to align more closely with Europe. German Chancellor Angela Merkel says climate change is one of the greatest challenges facing humanity, an existential challenge.

Yankees put Matt Holliday on DL
In 301 plate appearances spread across Double-A and Triple-A ball, Andujar has 8 home runs, 54 RBI and a.312 average in 2017. Tyler Austin (hamstring) could also be headed to the DL as he will receive an MRI on his right hamstring on Thursday.

Sprint In Talks With Charter, Comcast On Wireless Deal
The two cable operators have agreed that they would not do deals in the wireless space for a year without each other's consent. Charter ended up acquiring Time Warner Cable previous year , but only at a much more expensive price than initially imagined.

North Korea: Otto Warmbier's death 'is a mystery to us'
China accounts for 90 percent of world trade with North Korea. Warmbier will be buried later in the day at a local cemetery. US President Donald Trump called the situation a "disgrace".

United Kingdom government to give Northern Irish women abortion funding
ET) to reach an agreement and James Brokenshire did not set a fresh time line for the talks. The province's parties face a deadline of 1500 GMT (11.00 a.m.

Prime Day 2017 Announcement: The Big Take Aways
For the third year in a row, Amazon is clearing out its warehouses of old stock running a festival of deals for Prime members . Amazon Prime Day initially kicked off on July 15th, the day that the online retail behemoth was founded by Jeff Bezos.

Indians manager Terry Francona released from hospital, will miss game
Francona, a close friend of Mills for several years, has retained his sense of humor through his health issues. The Indians did not say whether he went to a hospital, and had no update on his status for Tuesday's game.