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.
These are the four primary issues that have soured the relationship between SBI-led lenders and JKC and delayed the resumption of commercial flights by Jet Airways, once India's largest private airline, which went bankrupt in 2019. Over the past three years, the airline went through an insolvency process under which JKC's resolution plan was approved by a committee of creditors (lenders) and the National Company Law Tribunal (NCLT) in October 2020 and June 2021, respectively. But this didn't mean an end to the problems.
All covers have a war exclusion clause. For cargo, shipping, and aviation industries, war schemes are available.
Jaitley did not say if it will be an outright sale or partial divestment.
According to preliminary information memorandum, Air India's new owner will be asked to list the company in some time
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.
The Congress urged Modi to come forward and order a JPC probe into the Rafale deal.
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.
Jobs are back with a bang in India, proving it to be the most optimistic nation in terms of hiring plans.
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.
'The actual amount due to Jet Airways employees is Rs 1,200 crore, and the management is giving only Rs 52 crore.'
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 National Company Law Tribunal on Tuesday approved the Jalan-Kalrock Consortium's resolution plan for the bankrupt Jet Airways.
Oil companies last week sent a notice for stopping aviation turbine fuel supplies to Air India at some airports like Calicut and Jaipur, officials said in New Delhi.
'Airports must look at their maximum capacity to handle passengers.'
'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.
Proposals for listing of AAI and Pawan Hans have been made in the Draft Civil Aviation Policy, released by Raju.
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.
Pusapati was given detailed presentations on various aspects of the sector by senior officials of the Ministry.
Experts say local demand, government policies in retail and refining sector are attracting foreign players.
Swedish defence major Saab has unveiled its next generation fighter aircraft, Gripen E, which the company said is being offered to the country under the 'Make in India' initiative with transfer of technology.
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.
Besides, it owes an interest of Rs 423.43 crore (Rs 4.23 billion) to IOC, Rs 92.73 crore (Rs 927.3 million) to BPCL and Rs 66.17 crore (Rs 661.7 million) to HPCL.
For the first time in the Indian aviation history, an airline company is going to cover its losses occurred due to foggy conditions during the upcoming winter season.
'All these incidents go to show that the day of the anodyne, apolitical corporation is running out fast,' says Kanika Datta.
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
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.
The civil aviation ministry received 20 applications and it granted NOCs to sixteen companies between 2009 till now
Since the company's senior management was privy to the price-sensitive information of Ghosh's resignation, Sebi wanted to check whether the information was disseminated properly to bourses
It is for the first time in the history of Independent India that not a single Muslim is part of the Union Cabinet.
Overnight, the Wall Street closed on a flatter note.
Former Air India executive director Jitender Bhargava comes out with a book detailing what went wrong with the national carrier. According to him, India does not have a civil aviation policy, and that's just the beginning.
Billionaire Gautam Adani's Adani group on Monday said it has reached an agreement to acquire GVK group's shareholding and control of Mumbai airport.
Agarwal submitted the express of interest through his family investment arm Volcan Investments before the close of the bid process on Saturday afternoon.
Investors recognise India's market growth
'The target for next year is unlikely to be more than that of this year. The more you divest in any cycle, the less your potential pipeline for the next,' said an official. 'The first two issues we want to tackle and complete in FY20 are Air India and Hotel Ashok.'
Public and private sector insurance companies are forming alliances to bid for state-run carrier Air-India's aviation cover worth $3.5 billion.
These could include strengthening the public-private partnership (PPP) dispute resolution mechanism, uniform PPP institutional framework, easier terms for infrastructure companies accessing bond markets, and tax sops, Business Standard has learnt. Investment in infrastructure projects with high multiplier effect has been the Centre's main plank to revive the economy, create employment and boost consumption.
The consortium of UAE-based businessman Murari Lal Jalan and London's Kalrock Capital -- which has won the bid to revive Jet Airways -- on Monday said it expects to start operating the airline by the summer of 2021.
