Both Jet Airways and Go First have met with a similar fate of landing up in insolvency, albeit for different reasons. Whether Go First will be able to avoid the sharp erosion in value like in the case of Jet, experts say, will depend on how quickly it is able to restart operations and retain its slots at airports. Go First, owned by the Wadia group, filed for voluntary corporate insolvency resolution on May 2 due to inadequate capacity utilisation that led to a cash crunch.
Prime Minister (PM) Narendra Modi has been at the forefront of climate action and saving the environment campaigns - whether plogging at a beach in Mahabalipuram in 2019 or wearing a sky-blue 'sadri' jacket to Parliament made of material recycled from plastic bottles. Made by Karur-based sustainable fashion brand EcoLine Clothing (EcoLine), a brand of Shree Renga Polymers, front runner in polyethylene terephthalate (PET) bottle recycling and sustainable textiles in India run by IITians, the company recycles PET bottles and upcycles them into value-added products, such as garments. Three months on, the phone lines of Senthil Sankar, managing partner at Shree Renga Polymers and EcoLine, have been ringing non-stop since the jacket made out of recycled plastic at Karur, Tamil Nadu's textile capital, was worn by the PM to Parliament on February 8.
Go First chief executive officer Kaushik Khona and tribunal-appointed interim resolution professional Abhilash Lal on Thursday reached out to the airline's staff, seeking their support for revival. While Khona said the company had taken all steps for the airline's revival, Lal put forward the view it would have to raise funds. Employee engagement took place a day after the National Company Law Tribunal (NCLT) admitted the airline's insolvency plea on Wednesday and ordered a moratorium on recoveries.
Its association with India is over 70 years old and spans both civil and military aviation. The Douglas DC-3 transport aircraft used by the air force beginning the 1940s and the iconic Boeing 747 aircraft flown by Air India, both had Pratt & Whitney (P&W) engines. The Indian Air Force's present-day, heavy-lift C-17 Globemaster III and the yet-to-be-inducted C-295 planes, too, have P&W power plants.
Jet's air operator certificate will lapse on May 19.
Employees of Go First, which has filed for bankruptcy, hope that the airline will fly out of the crisis with government support but some are already scouting for work. Some Go First pilots have joined airlines in West Asia in recent weeks and others have approached IndiGo, India's largest domestic airline. Calls to IndiGo's human resources and operations department increased after Go First said on Tuesday it will suspend flights for three days starting May 3, sources said.
A nine-day Kashmir trip ended on a sour note for the Shah family of Ahmedabad with an unscheduled diversion and an expensive road ride back home. The Shahs were among hundreds of passengers whose travel plans went awry with Go First suspending all flights till Friday. "We were supposed to travel from Srinagar to Ahmedabad via Mumbai on Tuesday.
'Within a short span, it increased attendance, improved children's physical fitness, and led to a rise in the enrolment ratio.'
Adani Group is expected to report a 20 per cent rise in its earnings before interest, tax, depreciation, and amortisation (Ebitda) at Rs 61,200 crore for the year that ended in March 2023 (2022-23, or FY23), according to a note submitted by the group to lenders recently. The group had earned Ebitda of Rs 57,299 crore in the preceding financial year that ended in March 2022 (2021-22). The group's gross debt was Rs 2.27 trillion as of March 31, 2023, and has projected to not take on additional debt until it lowers its existing one.
The Indian Space Research Organisation (Isro) on Thursday came out with the Indian Space Policy 2023 to promote greater private sector participation in the entire value chain of the space economy. According to the policy, Isro will encourage new-generation entities to participate in space exploration and human presence in outer space, including collaboration with domestic and international stakeholders. The policy also sets a road map for Isro to transition from manufacturing operational space systems to focus energies on research and development in advanced technologies.
Two unions representing Air India pilots have asked members not to accept the revised compensation and employment offer, calling the company's proposals "unfair labour practices." They said any coercion on pilots to sign the offer would lead to industrial unrest. The Tata group airline announced on Monday a new salary structure for pilots and cabin crew.
Reliance Industries, construction major L&T and IRB Infrastructure are some of the top companies that have used an infrastructure investment trust structure to reduce part of their debt and generate returns for their investors. Earlier this month, IRB Infrastructure InvIT was listed on the National Stock Exchange, giving its investors an option to exit by selling their units. The listing came within months of the Securities and Exchange Board of India's (Sebi's) guidelines for conversion of private unlisted InvITs into listed ones were issued.
Kerala on Monday became the first state to adopt a water budget in a bid to come up with a solution to water scarcity in certain regions there. The first phase of the project would cover 94 gram panchayats and 15 block panchayats. The Public Water Budget was released by Chief Minister Pinarayi Vijayan on Monday, along with the launch of the third phase of the Ini Njan Ozhukatte (Let me flow now) project, for the rehabilitation of irrigation networks in the Western Ghats.
Air India on Monday announced a new compensation structure for its pilots and cabin crew, with a guaranteed flying allowance of 40 hours per month for both categories of staff. While the flying allowance has been doubled for pilots, it has been introduced for flight attendants as part of the new compensation structure. Pilots will earn an additional amount as a reward based on the number of years of service with the airline and get an allowance while undergoing training for command or conversion to another aircraft type.
'Silicon Valley people are generally used to layoffs.' 'Every person who has been in the industry for 15-20 years would have been laid off at least 3-4 times.' 'In India, we aren't used to that concept.' 'So when it came here, people were shocked.'
Automotive retail sales saw a 14 per cent rise in March on a year-on-year (YoY) basis, according to data released by the Federation of Automobile Dealers Associations (FADA). For the whole of financial year 2022-23 (FY23), sales grew 21 per cent YoY. For both March and the financial year, all categories, except for tractors, and including two-wheelers, three-wheelers, passenger vehicles (PVs), and commercial vehicles (CVs), posted double-digit growth. However, the total retail sales of 22.1 million for the financial year were still 12 per cent lower than the pre-Covid (FY20) level of 25 million, owing to an 18 per cent dip in the two-wheeler segment.
'The market has picked up for commercial vehicles. We are very close to pre-pandemic levels.'
On Easter, April 9, 10,000 BJP workers are being assigned to visit the houses of 100,000 Christian families. Plans are afoot to visit the homes of Muslims on Eid.
The country saw a massive year-on-year surge in the demand for electric vehicles, with retail sales of electric two-wheelers rising by 58 per cent, passenger vehicles by 130 per cent, three-wheelers by 82 per cent, and commercial vehicles by 171 per cent in March 2023, according to the data shared by the Federation of Automobile Dealers Associations (Fada). According to a report by JMK Research, the EV segment as a whole grew by 157 per cent during FY23, to 1,180,597 units, from 458,746 units a year ago. Overall, EV sales in March 2023 rose by 82 per cent from the March 2022 figure, the JMK report added.
At Prestige Polygon Towers in Chennai's Teynampet, hectic preparations are on for a mega global investors' meet under the aegis of Guidance Tamil Nadu (the state investment promotion agency) scheduled for January 2024. Asked about the key focus areas of the meet, the agency's managing director and chief executive officer, V Vishnu, said the state was betting big on electric mobility. This is no surprise, given that the state has signed electric vehicle (EV)-related memorandums of understanding (MoUs) with several companies in the recent past that may bring in investments worth around Rs 33,000 crore with the potential to create over 43,000 job opportunities.
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