It is also felt that under the current market conditions, the building is unlikely to garner the kind of funds expected from a prime real estate at Nariman Point
It is Air India's only profitable subsidiary. In 2016-17, it clocked a profit of over Rs 33.4 crore, earning Rs 620 crore in revenues from its handling operations.
In the aviation sector, 100 per cent FDI is allowed under automatic route for MRO (maintenance, repair, overhaul), ground handling, and aircraft purchase.
Adani group on Tuesday said it has taken over the management of Mumbai International airport from the GVK group. The group last August had announced that it would acquire GVK Group's stake in Mumbai airport. Adani group will have 74 per cent stake in Mumbai's Chhatrapati Shivaji Maharaj International Airport, post the stake purchase transaction, with 50.5 per cent being bought from GVK group and 23.5 per cent from minority partners including Airports Company South Africa (ACSA), and Bidvest Group, it had said.
Salt-to-software conglomerate Tata group was among "multiple" entities who on Monday put in preliminary bids for buying the government's stake in loss-making carrier Air India.
Air India owns 32 aircraft, and has 37 aircraft on finance lease; Air India Express owns 17 aircraft on finance lease. The aircraft-related debt of Air India is Rs 16,000 crore; it's Rs 1,100 crore for Air India Express.
A court in Canada has ordered the seizure of amounts collected by the International Air Transport Association (IATA) on behalf of Air India and the Airports Authority of India (AAI). Separate orders were passed on November 24 and December 21 on pleas by shareholders of Devas Multimedia Private Limited who have filed multiple petitions to enforce arbitration awards against the Indian government. According to a Devas spokesperson, more than $30 million has been seized to date under the IATA action.
Sources said the process has taken time because of a delay in leasing of aircraft. As per the original plan the aircraft were to be leased through GIFT City, Gujarat, but this is proving costlier than doing it offshore.
Rajiv Saxena, an accused in AgustaWestland chopper deal scam, was extradited from Dubai, UAE, to India .
Indebted Air India, which last made an annual profit in 2007, has seen its market share shrink in recent years.
The government is drawing up a relief package for industry with steps such as relaxation of asset-classification norms by banks, thus allowing companies to delay the repayment of loans, and tax holidays for the worst-hit sectors like aviation and hospitality. But it might not be enough to stop more bankruptcies from getting filed.
Probable reasons that led to failure of the sale process include 24 per cent government stake and corresponding rights, high debt, volatile crude oil prices, fluctuations in exchange rate, changes in macro environment, profitability track record of bidders and restriction on bidding by individuals.
'Airports must look at their maximum capacity to handle passengers.'
Jet's operating fleet reduced from 103 planes in October 2018 to 35 now, leading to massive cancellations and a surge in airfares
'Unless cash has ceased to be king, the issue is the same in the aviation, telecom and ecommerce sectors: Sustainability,' notes T N Ninan.
Disability rights came under the spotlight again as the country's largest airline IndiGo refused to let a teenager with special needs board its aircraft. While the twitterati as well as fellow passengers have called for strict action, IndiGo has stood by its action saying the airport manager took the decision to ensure safety of other passengers. "Throughout the check-in and boarding process, our intent of course was to carry the family. "However, at the boarding area, the teenager was visibly in panic.
The three oil PSUs have told Air India that if it did not make the monthly lump sum payment, they will stop fuel supply from October 11 at six major domestic airports.
At the recently concluded Dubai airshow, Akasa, Rakesh Radheyshyam Jhunjhunwala's new airline, signed a $9 billion deal with American aircraft maker Boeing to buy its 737 MAX planes and a $4 billion one for engines with CFM, a joint venture between GE of the US and Safran of France. Unlike his financial doppelganger Warren Buffett, who divested billions from his airline stock portfolio at the start of the pandemic, Jhunjhunwala is wagering his billions in a brand new airline. The legendary investor bought a roughly 40 per cent stake in SNV Aviation in September, Akasa's holding company, started in March by three former Jet Airways colleagues. With aviation still to recover from its pandemic slump, the big question around his foray into domestic aviation, due to take off in summer 2022, is whether it is another pie in the sky.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
Air India will very soon get funds from the government for its day to day operations and will even place orders for a couple of aircraft
Existing norms mandate 2/3rd of members of an airline's board must comprise Indian nationals
A SpiceJet official allegedly told some Jet pilots that they were doing a "charity" by hiring them.
The Congress urged Modi to come forward and order a JPC probe into the Rafale deal.
'The actual amount due to Jet Airways employees is Rs 1,200 crore, and the management is giving only Rs 52 crore.'
With a combination of both physical and virtual exhibition, the 13th edition of the biennial international event at Air Force Station Yelahanka will be the world's first hybrid aerospace show.
The National Company Law Tribunal on Tuesday approved the Jalan-Kalrock Consortium's resolution plan for the bankrupt Jet Airways.
All covers have a war exclusion clause. For cargo, shipping, and aviation industries, war schemes are available.
The government is selling its entire 100 per cent stake in Air India but wants effective control to stay with Indian nationals.
'Industry observers are certain the next attempt will succeed even if they have to browbeat someone into buying as the government has put its might behind it,' predicts Anjuli Bhargava.
According to preliminary information memorandum, Air India's new owner will be asked to list the company in some time
Jaitley did not say if it will be an outright sale or partial divestment.
It is for the first time in the history of Independent India that not a single Muslim is part of the Union Cabinet.
The The Airports Authority of India is likely to procure two counter-drone systems worth Rs 9.9 crore in 2022-23, according to an official document.
Top companies have grabbed a bigger pie of their sectors in the pandemic period, leading to a further rise in market concentration in many industries as measured by the Herfindahl-Hirschman Index (HHI). The HHI score, which indicates competitive intensity in an industry (or a lack of it), reached a new high in FY21 as bigger firms raised their revenue market shares either organically or through mergers and acquisitions. A higher HHI score indicates a rise in market concentration in favour of a few firms while a lower score means that the industry's revenue is more evenly divided among many companies
Jobs are back with a bang in India, proving it to be the most optimistic nation in terms of hiring plans.
Patel is being questioned in connection with a money laundering probe related to losses suffered by Air India as part of an alleged multi-crore aviation scam.
'The failures of private businessmen have set back the process of market-oriented reform, though that is the only way forward,' argues T N Ninan.
Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform oriented.
Experts say local demand, government policies in retail and refining sector are attracting foreign players.
The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) while also joining nations like the UK in imposing a windfall tax on crude oil produced locally. A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is effective from July 1, finance ministry notifications showed. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
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