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.
Jet Airways, Kingfisher Airlines and state-owned NACIL owe public sector oil companies over Rs 2,241 crore (Rs 22.41 billion) as payment for jet fuel, Minister of State for Petroleum and Natural Gas Dinsha Patel said on Tuesday.
Delhi-based Vayudoot was launched as a subsidiary of erstwhile Indian Airlines in January 1981 to serve the northeast region.
For the first time, the MiG-29K fighter aircraft undertook night landing on indigenously-built aircraft carrier INS Vikrant, a feat described by the Indian Navy as a 'historic milestone'.
Nepal's Prime Minister Sher Bahadur Deuba on Monday inaugurated the country's second international airport built by China that will help connect Lumbini, the birthplace of Lord Buddha and a major tourist and pilgrimage destination, to Buddhist circuits in South Asia as well as to the rest of the world.
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.
Ilker Ayci has declined the Tata Group's offer to be the chief executive officer (CEO) and managing director of Air India, aviation industry sources said on Tuesday. On February 14, Tata Sons had announced the appointment of Ayci, former chairman of Turkish Airlines, as the CEO and MD of Air India. RSS-affiliate Swadeshi Jagran Manch had last Friday said the government should not give clearance to the appointment of Ilker Ayci "keeping in view national security".
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."
The financial losses of NACIL have been compounded by weakening of its revenue stream, a high cost structure and costly legacy assets (obsolete assets) that have resulted in rising liabilities.
"I recently flew on one of our aircraft and I was pleasantly surprised. Our aeroplanes are brand new and a pleasure to travel on. They can give any airline a run for their money," says Raghu Menon.
Information Commissioner Sushma Singh told the officials of National Aviation Company of India Limited, the company formed after the merger of Air India and Indian Airlines, to give the details of 'pay, perks and privileges' enjoyed by its chairman, managing director and functional directors to Right to Information activist Subhash Chandra Agrawal.
An airhostess has approached Delhi High Court challenging erstwhile India Airlines' decision to sack her for being "overweight".
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).
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.
Yoga was the mantra and asanas the discipline on Wednesday as millions across the globe and distant corners of India stretched for the skies and dived for their toes, breathed in and out -- mindfully -- and twisted and turned to celebrate the International Day of Yoga.
The government has raised the windfall profit tax levied on domestically produced crude oil as well as on the export of diesel and ATF, in line with firming international oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been increased to Rs 2,100 per tonne from Rs 1,700 per tonne, the order dated January 2, said. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
The National Aviation Company of India (NACIL), the entity that came into being after the merger of national carriers Air India and Indian, has increased its working capital limit to around Rs 9,500 crore (Rs 95 billion) in order to meet the recent hikes in fuel prices.
Having lost their case in the Bombay High Court (HC) against deregistration of their union, Jet Airways pilots plan to go to an industrial tribunal.
National Aviation Company Ltd, which runs Air India, has constituted committees to review productivity-linked incentives and cost cutting measures. These will talk with the labour unions and report on Monday.
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.
"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.
Raghu Menon, CMD of National Aviation Company of India (Nacil), had said last year that more than 70 per cent of the merger process would be completed by the end of FY09.
Kushinagar is the final resting place of Gautama Buddha where he attained Mahaparinirvana after his death and is among the most important pilgrim spots for Buddhists.
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.
Jet Airways' engineers, pilots and senior management have not been paid for January and February, besides 87.5 per cent of their December salary is also due.
A thorough probe is underway, none of the authorities has so far talked about any possibility of a sabotage.
Air India's general manager (finance), who should be in the thick of company's financial matters, does not have information about pay and perks of the company's top bosses.
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.
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.
The national carrier on Tuesday cancelled 37 of the 177 domestic flights and nine of the 21 international flights as more executive pilots reported 'sick'.
The COO's compensation package will be negotiable, based on qualification and experience in the industry. But he will also be given a performance-linked pay based on key performance indicators determined by the management or the board.
The Directorate General of Civil Aviation (DGCA) has released a draft procedure that calls for testing pilots, other aviation personnel and crew members for psychoactive substances before they take to the skies. The Indian civil aviation regulator has sought comments from stakeholders over the next 30 days before issuing a regulation to this effect. Asking airlines and airports to do random checks on crew and air traffic controllers, DGCA proposed that violators be suspended for a minimum of three years or their licence be permanently cancelled as maximum punishment.
Yechuri also said the process of merging Air India and Indian Airlines (Indian) has not taken place in a proper way.
The government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on export of diesel and ATF following a drop in global oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut steeply to Rs 1,700 per tonne from Rs 4,900, the order dated December 15 said. Crude oil pumped out of the ground is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF).
The Regional Labour Commissioner (Central Region) has decided to mediate between Jet Airways and its pilots who have issued a strike notice to protest the airline's decision of not reinstating two terminated employees.
Aadhaar custodian UIDAI will encourage people to voluntarily update their biometric data every 10 years, according to official sources.
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.
Nacil was formed after the merger of erstwhile Indian Airlines and Air India in 2007. In 2004, they ordered for 111 aircraft -- 68 from Boeing and 43 from Airbus. The Boeing order included 27 B787-800 Dreamliners.
National Aviation Company Ltd, which runs Air India, has reshuffled its executive directors and created a new designation of ED (marketing).
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.
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