The top executives who have put in their papers with immediate effect include Jet's chief executive officer (CEO) Vinay Dube, chief finance officer (CFO) and deputy CEO Amit Agarwal and company secretary Kuldeep Sharma.
On a full year basis, the airline made a loss of Rs 934.8 crore. The company has incurred a net loss during the current and previous year and, the its current liabilities exceeded its current assets
Darwin Group has offered Rs 14,000-crore deal to the lenders for acquiring the grounded airline
A person in the know of the PIM details said an entity can put in bid for Air India on the "strength of its parent", which was not there before. A consortium can participate in the disinvestment process, provided each partner has at least 10 per cent stake as well as 10 per cent of the Rs 3,500 crore net worth requirement, according to the bid document. The lead member of a consortium should have at least 26 per cent stake. Individuals are allowed to bid as part of consortium.
Some scheduled flights as well as those for which ticket sales are open would be affected.
While Yatra is building a digital services platform to offer skill development training and sourcing solutions to corporate, Thomas Cook has partnered ICMR-accredited labs to offer Covid-19 certification, and MakeMyTrip is offering chartered flight services.
The Union Cabinet on Wednesday approved the handing over of Dr Babasaheb Ambedkar International Airport in Nagpur to a joint venture (JV) company for upgrading it to a multi-modal international passenger and cargo hub.
Currently bankers are trying to stave off bankruptcy even as media reports said Etihad Airways, which already owns 24 per cent in the airline, has teamed up with the Hindujas to buy the airline.
'Now we will have real employees as the owner of the airline.'
Sources said Unsworth had submitted a one-page letter indicating his interest in Jet but without any accompanying documents.
South America-based Synergy Group, one of the suitors, has said slots at London's Heathrow airport are critical to the airline's operations and will decide on participating in the resolution only if it gets clarity. It also wants to form a new company with its assets, employees, and operating permit but minus all liabilities.
A mix of financial and strategic mistakes combined with poor expectations of the management are the reasons for the downfall of Indian airlines. For Jet, the deathly potion was even more toxic on account of the bitter squabbles between promoter Naresh Goyal and strategic partner Etihad Airways.
Kardassis, who quit the airline in 2013, will advise Goyal and senior management on cost-saving and productivity improvement
After the Russian aviation sector was hit by crippling Western sanctions for war against Ukraine, China refused to supply Russia with aircraft parts.
Here's the full text of Prime Minister Narendra Modi's address to a joint session of the United States Congress, delivered on Thursday.
Sources involved in the bidding process confirmed that the entity had submitted a bid but expressed doubt over its acceptance
Wife Anita Goyal and one nominee of Etihad Airways PJSC would also step down from the board.
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.
In India, many players are in the throes of chaos and pain but at least one partnership -- Air Asia India -- that was fraying even before the pandemic now finds itself at breaking point, says Anjuli Bhargava.
Despite the gains from Jet's closure, in 2018 and 2019, the airline continued to make losses in many quarters for a variety of reasons, including some mistakes like taking on Jet's aircraft, which were not in great shape and had business class configuration, a gamble that did not work for SpiceJet.
The industry is hoping the Tatas deepen their dive and offer two stable airlines -- a Vistara merged into Air India servicing the international routes, and an AirAsia India merged with Air India Express that competes with the low fare airlines in India and offers destinations within five hours, says Anjuli Bhargava.
Jet Airways owes more than Rs 8,000 crore to a consortium of banks led by the State Bank of India, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore.
"The central government had rescued other businesses by re-structuring debts to the tune of Rs 30,000-40,000 crore. Compared to this, the amount (debt) of Jet Airways was much smaller. Moreover there was a resolution (accepted) by the lenders to save jobs and to save the airline," Sharma said.
Boeing 737 MAX planes were globally grounded in March 2019, after two of these crashed within five months, raising safety concerns.
Travel companies are expecting a heavy rush to the US following the withdrawal of curbs on fully vaccinated travellers from select countries, including India, on November 8. The move will benefit those holding long-term tourist, business, and work visas. Also, new and extra flights by Air India and American Airlines are expected to provide better travel options.
Several companies and technology heavyweights including Microsoft, Oracle and Salesforce are working to create a digital vaccination passport or health passport app in the hope that governments and airlines will require travellers to upload details of their Covid-19 tests and immunisation. The vaccine passport will effectively create digital credentials that could be the key to attending crowded events or even visiting countries.
After 18 months of closure, what really could be salvaged? And the answer sadly is, precious little, Patience, perseverance and plenty of moolah is the way forward even assuming intent is in place, says Anjuli Bhargava.
To attract bidders, the government had decided to hive of around Rs 35,000 crore of the company's debt into a separate subsidiary, leaving around Rs 23,286 crore to be absorbed by the new bidder.
Brookfield Asset Management will pay around Rs 29,000 per square foot for the 170,000 square feet of space in Jet Airways' two-floor office in Bandra Kurla Complex.
While Jet founder Naresh Goyal said he was willing to infuse Rs 700 crore and also pledge all his shares in the company provided he can have at least 25 per cent stake, the airline's foreign partner Etihad Airways insists he must not keep more than a 22 per cent stake.
'The business continuity clause will mean the Tatas will have to keep running the airline for three years, and cannot exit the flying business.'
'The government has assured us support.' 'The civil aviation ministry have told us that whatever we need, we will get prime airport slots and bilateral rights.'
The promoter-brothers, distant cousins to IndiGo's Rahul Bhatia, are eyeing Air India's ground handling subsidiary to augment their aviation services business even as they make a big play in EVs.
Etihad said it declined to lodge an EoI to reinvest in Jet Airways because of unresolved issues concerning the airline's liabilities.
A group of 219 employees of Air India along with a private financial institution have submitted an expression of interest (EOI) for the national carrier.
The unions opposed any move to force banks to lend more money to the airline, saying Naresh Goyal is still the promoter and major shareholder with 51 per cent stake and it is his headache to run the company or sell it to someone.
Though NCLT has extended window to find a buyer, bankers don't see much hope of a deal.
September 11 is a "stark reminder" of the continuing threat of terrorism and the world must unite against this menace, India's Ambassador to the US Taranjit Singh Sandhu has said, as he paid homage to the victims of the terror attacks at the 9/11 Memorial here.
Mukesh Ambani-owned RIL's JioMart is set to launch a slew of new products including financial services, electronics to airline tickets to take on the competition from upcoming rivals like the Tata Super app and other established players including PayTM, Amazon and Flipkart. This comes at a time when RIL's e-commerce revenues are set to grow by 35 per cent to $15 billion within four years and its core retail revenue is expected to grow at the same pace to $44 billion, as per a forecast by Goldman Sachs. "The Tata vs JioMart war will be the next big corporate battle to watch. "While Tata has an upper hand like in-house products and brands, RIL has the backing of global biggies like Google, Facebook and Microsoft," said head of a rating firm asking not to be quoted.
JP Morgan may buy stake in debt -laden SpiceJet
