Brookfield Asset Management will pay around Rs 29,000 per square foot for the 170,000 square feet of space in Jet Airways' two-floor office in Bandra Kurla Complex.
With RIL's market capitalisation crossing the Rs 11-trillion mark on Friday, Ambani is ahead of Google co-founders Larry Page and Sergey Brin, the 10th and 11th richest, respectively, and behind Zara founder Amancio Ortega on the Forbes Real-time Billionaires List.
With 262 planes, IndiGo operated over 1,500 daily flights prior to March 24 but is now operating around 350 scheduled flights a day, which is putting a pressure on its finances.
IBC-oriented pre-packs, the other mechanism under consideration, are a mix of out-of-court restructuring and a formal insolvency process, say experts.
In India, domestic airlines have not secured any relief from the government and are reporting 50-55 per cent loads as domestic air travel resumed on May 25 after two-month suspension.
The hospitality and tourism sector is among the worst hit because of the pandemic, and is unlikely to recover any time soon as people continue to be cautious of going out in a crowded places.
There has been an exponential increase in the use of technology to validate financial numbers, with a greater reliance on electronic evidence, use of live videos where possible, data analytics, and project management software to overcome the physical limitations in verifying transactions and accounts.
'Indian aviation cannot resume without at least three major airports being functional. If Delhi, Mumbai, Bengaluru, and Kolkata are shut, there is little chance that airlines will start flying even if the government gives the go-ahead.'
Companies across the sector are restructuring payrolls of crew, cutting allowances, and extending leave without pay duration as they realise they will have more aircraft and employees compared to customers.
Airlines and airports are devising their own standard operating procedures, with a limited number of flights being planned to enable social distancing on ground and inside aircraft. The AAI guidelines also state that airport facilities such as smoking rooms, kids play areas, and prayer rooms shall be restricted to a limited number of people, to minimise gathering.
The 'mystery' of the education business sale by Cox & Kings is part of an Enforcement Directorate investigation, which is also examining the siphoning-off of funds to the tune of Rs 21,000 crore to dozens of so-called related-parties, highlighted by the forensic auditor.
Extended check-in time, frequent disinfection every hour, additional queue managers at entry, exit, boarding point, check-in halls, security check areas and boarding gates, with social distancing markers and reminders - welcome to our airports post-coronavirus.
In India, the drop was fuelled by the rupee's depreciation from around 71 to 75 a dollar during the quarter.
Aircraft lease rentals are fixed costs and account for around 15 per cent of an airline's expense and since these are paid in dollars are also subject to currency fluctuations.
Mumbai, with an estimated population of nearly 20 million, has been testing 1,200-1,400 people per day. Delay in the delivery of rapid antibody test kits has forced the BMC to restrict its testing net.
Though NCLT has extended window to find a buyer, bankers don't see much hope of a deal.
Such a disruption will take the clock back by many years - in terms of passengers handled - for these airports, thus raising questions among some of the airport operators over a delay in expansion plans.
International airlines are offering affected passengers an option of refund, vouchers, discounts on future bookings, and the opportunity to hold tickets for up to two years following travel bans.
India doesn't have a data protection law or a dedicated law on cybersecurity. Also, there is no specialised law on privacy. Experts say this complicates the scenario for businesses as they continue to be liable for breach in client data even when employees work out of the home.
The issues include not getting refunds on airline and hotel bookings, getting charged a service fee even if airlines have waived cancellation charges and so on. Complaints are piling up on Twitter, Facebook and other social media channels as more and more people cancel their travel plans due to the ongoing Covid-19 pandemic.
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