Other members of the board would comprise Vishwapati Trivedi as the joint managing director, V K Verma, director (commercial) and Anup Srivastava, director (personnel), an official spokesperson said in New Delhi on Tuesday.
Trading pattern in the stock market this week will largely depend on the ongoing Q3 earnings announcement from corporates, global trends, and foreign fund movement, analysts said. Moreover, geopolitical developments and any update on trade negotiations would also be keenly tracked by investors, experts noted.
Quarterly earnings, macroeconomic data announcements and global trends will drive the Indian stock markets in a holiday-shortened week, analysts said. Stock markets would remain closed on Wednesday for the Guru Nanak Gurpurab holiday.
In a filing to Turkiye's stock exchange on Friday, Celebi Hava Servisi AS said four concession and licence agreements executed between its company's subsidiaries and the relevant Indian airport authorities have been unilaterally terminated.
The Delhi High Court dismissed Turkish-based firm Celebi's challenge to the revocation of its security clearance by aviation watchdog BCAS in the "interest of national security."
Turkiye and Azerbaijan backed Pakistan and condemned India's recent strikes on terror camps in that country and Pakistan-occupied Kashmir under Operation Sindoor.
Aviation watchdog DGCA has granted IndiGo a six-month extension to operate two leased Boeing 777 aircraft from Turkish Airlines, subject to certain conditions. This decision comes after a previous extension and amidst geopolitical considerations.
India expects Turkiye to strongly urge Pakistan to end its support to cross-border terrorism, said ministry of external affairs spokesperson, Randhir Jaiswal during the weekly briefing on Thursday.
The Indian government defended its decision to revoke the security clearance of Turkey-based Celebi without warning, citing an "unprecedented" threat to aviation security. Solicitor General Tushar Mehta argued that giving a hearing or reasons before taking action would "defeat the purpose" in matters of national security. The decision came after Turkey backed Pakistan and condemned India's airstrikes on terror camps in the neighboring country. Celebi, which operates at nine Indian airports, has challenged the government's move in court.
The development also comes against the backdrop of Turkiye backing Pakistan and condemning India's strikes on terror camps in the neighbouring country earlier this month.
The Board for Reconstruction of Public Sector Enterprises wants to examine the grave financial problems of Air India, but neither the Civil Aviation Ministry nor the national carrier has responded to the BRPSE offer.
National Aviation Company India Ltd, which runs Air India, is likely to receive government approval for its second equity infusion of Rs 1,200 crore (Rs 12 billion) by next week.
The finance ministry has agreed to furnish sovereign guarantees on loans raised by National Aviation Company India Ltd, which flies under the Air India brand name. A top source in the ministry confirmed: "Yes, we will provide sovereign guarantee to Air India on its loans. After all, it is a company owned by the government."
Analysts say this is a reflection of the high debt that most aviation companies have on their books. "Aviation companies are unable to pay their dues because they are into losses.
'An HAL-private sector tieup is a possibility.'
The board meeting of the state-owned airlines was also attended by Arvind Jadhav, for the first time since he took over as Nacil CMD after the sudden exit of erstwhile chairman Raghu Menon from the company. However, sources in the company said no final decision could be taken as the issue would be discussed with the new government and the civil aviation ministry.
Divestment-bound Air India is looking to sell securities of its two provident trusts AIEPF and IAEPF, and has sought applications for transaction advisors to help with the proposed sale of the securities. The Air India Employees Provident Fund (AIEPF) trust and Indian Airlines Employees Provident Fund (IAEPF) trust are governed by the Provident Fund Trust Act, 1925. The two trusts' investments together amounted to Rs 4,500 crore as of August 31, 2021, according to the tender document, seeking RFPs for the appointment of the transaction advisors.
With Arvind Jadhav, principal secretary, in the department of infrastructure development of the Karnataka government, emerging as the frontrunner in the race to replace Raghu Menon as the chairman and managing director of the state-owned National Aviation Company of India Ltd (Nacil), which runs Air India, informed sources said Menon lost the coveted job because of his opposition to the airline's proposed joint venture with Singapore Airport Terminal Services (SATS).
NACIL had submitted a proposal in October 2008 for equity infusion of Rs 1,231 crore (Rs 12.31 billion) and provision of soft loan of Rs 2,750 crore (Rs 27.5 billion), with an interest of approximately 5 per cent payable over 15 years.
The airline, which was formed through a merger of international carrier Air India and domestic carrier Indian Airlines announced in 2007, has accumulated losses of Rs 4,334 crore till March 31, of which fiscal 2008-09 will account for almost Rs 3,000 crore.
Delhi-based Vayudoot was launched as a subsidiary of erstwhile Indian Airlines in January 1981 to serve the northeast region.
Air India had planned to launch the service in October but had to defer it as two of its cargo aircraft had to be sent for mandatory checks following an advisory from the Federal Aviation Administration, the official said. These aircraft are expected to join the fleet shortly along with one Airbus A310-200 configured freighter next month, the official said.
The National Aviation Company of India Ltd, that runs the government's flagship carrier Air India, has formally begun looking for a chief operating officer to steer the airline as part of its restructuring plan.
State-owned National Aviation Company of India Ltd (Nacil), which runs Air India, has approached the government to raise $2.3 billion through external commercial borrowings (ECBs) as part of a plan to restructure its high-cost working capital debt.
The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly three years ago after being bogged down by financial woes. In May 2023, the airline filed for a voluntary insolvency resolution process citing financial woes. The tribunal, in a 15-page order, said it is ordering the liquidation of the corporate debtor Go Airlines (India) Ltd.
In a letter to Civil Aviation Minister Vayalar Ravi, he sought permission to step down from the board of National Aviation Company of India Ltd.
"We have successfully carried out the 'C check' on two of our B-777 aircraft and work on the third one is expected to be completed within a month," National Aviation Company of India Ltd (NACIL) SBU-Head (Engineering), K M Unni, told media persons in Mumbai.
NACIL will meet all of its proposed investment from the internal and extra budgetary resources, the Budget documents presented in the Parliament today showed. The company had invested Rs 4,136.89 crore in 2008-09. Of the total Plan outlay of Rs 12,164.76 crore for the ministry of civil aviation, the government announced budgetary support of Rs 190 crore for the sector.
Cash-strapped Air India will have to raise Rs 8,165 crore (Rs 81.65 billion) out of its own resources or borrowings to fund its fleet acquisition programme as the Union Budget focused primarily on aviation infrastructure development, giving a total budgetary support of Rs 190 crore (Rs 1.9 billion).
Besides engine-wash of the flag-carrier's aircraft, the facility, to be set up at the Mumbai International airport, would undertake work from third parties, the company said.
The NACIL will operate three domestic flights on Wednesday using Air India aircraft and cabin crew in view of the ongoing agitation by a section of employees of the airline.
Hardening their stand, Air India unions said on Thursday they were not willing to renegotiate on the proposed wage cut by the management. NACIL is the holding company of the state-run airline and was formed after the merger of Air India and Indian Airlines.
Sky marshals could soon be grounded if some private airlines keep dawdling over the former's maintenance.
In its petition, the association alleged that the procedure followed by the Union Government for the merger was not proper and was illegal. A new company, National Aviation Company of India Ltd was incorporated in March this year as promoter of the new brand and the merger would take two years to become effective.
An airhostess has approached Delhi High Court challenging erstwhile India Airlines' decision to sack her for being "overweight".
The National Aviation Company of India Ltd (Nacil) will be able to save more than 30 per cent on its interest payment per year, as the finance ministry recently agreed to furnish sovereign guarantees on loans raised by the company which runs Air India.
Air India Express, the international low-cost arm of National Aviation Company of India Ltd, has finalised a blueprint for the launch of cheap-fare domestic routes. The plan includes shifting base from Mumbai to Kochi, rebranding to Express India and improving the utilisation of its 21-strong fleet from 9 hours to 12.5 hours daily.
According to top sources in the airline, about half the employees will shift to these JVs, which will be clearly focused on the areas of operation and will have to make money.
After stiff resistance from its employees against a steep pay cut, National Aviation Company of India Ltd), which runs Air India, has come out with a fresh proposal to impose a 15-17 per cent cut on the total salary package.The total package includes basic salary, dearness allowance, house rent allowance and payments made under the productivity-linked incentive scheme . The cut, however, would not be applicable on 4000 employees.
The government on Monday scrapped 30-month old windfall profit tax on domestically-produced crude oil and on export of jet fuel (ATF), diesel and petrol following a decline in international oil prices. Minister of State for Finance Pankaj Chaudhary tabled a notification in Rajya Sabha scrapping the levy on crude oil produced by firms like state-owned Oil and Natural Gas Corporation (ONGC) and exports of fuels done by companies like Reliance Industries Ltd.
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