The new plan is likely to be discussed in the meeting of the group of ministers to be held next week.
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.
It has been lowered to 'IND BBB+' from 'IND A-', besides placing the rating on 'Rating Watch Negative' (RWN).
People have said they would be inclined to travel for leisure during the festival and year-end season.
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The proposal of Tatas and Singapore Airlines for a new joint venture, entailing foreign investment of $49 million, is likely to come up before the Foreign Investment Promotion Board for approval on October 18.
Prime Minister Manmohan Singh on Wednesday promised that wages and appropriate perks would be paid to Air India employees at the earliest after the financial problems of the ailing carrier found a resonance in Lok Sabha with members raising concern over non-payment of salaries.
The issue of equity infusion in Air India will be taken up by the Cabinet shortly and a cabinet note will be prepared in two weeks.
The Congress leader is also being probed by ED in two separate money-laundering cases of Aircel-Maxis and INX Media.
In the biggest aviation takeover in India, Jet Airways has struck a deal to buy Sahara Airlines for Rs 2,300 crore (Rs 23 billion), a move that would help Naresh Goyal promoted carrier to become the biggest domestic carrier.
'All these incidents go to show that the day of the anodyne, apolitical corporation is running out fast,' says Kanika Datta.
The country's largest domestic budget carrier IndiGo on Wednesday announced the appointment of Pieter Elbers as its chief executive officer, replacing incumbent Ronojoy Dutta. Seventy-one year old Dutta, who came to helm the airline in January 2019, has decided to retire on September 30, after guiding the airline through the turbulent Covid period, IndiGo said in a statement. Elbers' appointment, which is subject to regulatory approvals, will be effective from on or before October 1, it said.
"Tata Sons board is meeting tomorrow (Friday) to consider the proposal to bid for Jet Airways," people in the know of the development told PTI.
The decision on additional grant would also be taken keeping in view the high cost debt 'both current and long term' taken by Air India.
"The GoM on the civil aviation sector, headed by finance minister Pranab Mukherjee, is meeting tomorrow as the government has broadly agreed to support Air India in its restructuring process," civil aviation minister Praful Patel said on Tuesday.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
There are only three entities left in the fray now - Russian Fund Treasury RA Partners, Panama-based investment firm Avantulo Group and South American conglomerate Synergy Group Corp.
The objections were filed after Airbus failed to repay Rs 196 crore, availed by the aircraft-making company on behalf of Mallya-controlled Kingfisher Airlines
Two months after launch, low-cost warrior AirAsia is expanding to uncharted routes in India.
The P-8I, which is widely acknowledged to be the world's most deadly LRMR-ASW aircraft, is a derivative of the Boeing 737-800 airliner, onto which a plethora of sensors and weaponry has been fitted.
The ATR 72-600 aircraft was accorded water salute as it landed at the Jaffna airport, about 400-km from capital Colombo.
"Pakistan Air Force continuously monitored the complete flight path of the flying object from its point of origin in Sirsa in India till its point of impact near Mian Channu and initiated requisite tactical actions in accordance with standard operating procedures," Pakistan Army spokesman Major General Babar Iftikhar said.
Air India CMD Rohit Nandan was asked to join the meeting at the fag end.
But says the airline will have to meet targets to get fund.
India has realised that one can only deal with China from a position of strength and that is not palatable to Beijing, observes Dr Rup Narayan Das.
The country's fourth budget carrier has also announced the addition of Kochi to its existing network from July 20.
Rising fuel prices, intense competition and inability to pass on spiralling expenses have been negatively impacting the domestic airlines.
Commercial aviation is safe because the crew is paid well and trained extensively for contingencies
India has evacuated at least 670 Indian nationals from Sudan and is looking to rescue more of its citizens from the strife-torn African nation before the end of a tenuous ceasefire between the regular army and a paramilitary force.
Naresh Goyal, after being ousted with his wife from the board last week, and with his shareholding halved to 25 per cent, can still make a comeback by partnering a new investor and win back majority control.
This doctor couple put their faith in India. And in return India has put faith in them.
Mody, 92, held important positions in Tata group and led Tata Steel till he retired in the early 1990s.
The civil aviation ministry had last week suspended all flights between the European country and India from December 23 to December 31 as a mutated variant of the coronavirus was detected there.
Veterans in the travel industry, a well-known corporate lawyer, and a marquee US-based hedge fund have backed the upcoming low-cost airline Akasa Air. Founded by former Jet Airways chief executive officer (CEO) Vinay Dube, the venture counts ace stock trader and investor Rakesh Jhunjhunwala as its biggest financial backer with an investment of around Rs 300 crore. A person with knowledge of the development said most of the people were well known to Jhunjhunwala and Dube, who approached them during the conception stage.
'Our only request to the Indian government is that they should act fast and send a plane to evacuate us as people around us are dying'
Domestic air traffic grew by over 14 per cent in September, with 11 Indian carriers together flying a total of 66.66 lakh passengers during the month.
When the move was first thought of it was at the behest of Jet Airways, IndiGo, SpiceJet and Air India. Only Vistara and AirAsia were opposing it as they were doing the poaching, says Anjuli Bhargava.
Singapore Airlines first approached the Tatas, its old choice for a venture in India, and was aware of AirAsia negotiations.
'We are feeling helpless and want to be with our families.'
J R D Tata's flight carrying mail between the two cities was the first by an Indian company and it opened the air link to peninsular India.
