Provisioning for bad investments, finance costs shoot up in FY14.
'The airline business is very dynamic. If you are unable to keep up and lead, you end up last.' 'This is what has happened to Jet.'
Singapore's budget airline Tiger Airways announced on Tuesday that it had bagged approval to fly between Singapore and six Indian cities. Consequently the airlines will soon start flights to Chennai, Cochin, Goa, Trivandrum, Kolkata and Kozikhode.
Looking to put money in aviation, infrastructure and also to reduce debt of group companies.
The Indian government has asked a federal court in Washington to dismiss Britain's Cairn Energy suit seeking enforcement of a $1.2 billion arbitral award, saying it had sovereign immunity under US law. Cairn had in May asked a US federal court to force Air India to pay a $1.26 billion arbitration award the firm had won in December. The government on August 13 filed a 'Motion to Dismiss' petition in the US District Court for the District of Colombia, saying it lacked subject matter jurisdiction in the dispute between Cairn and the Indian tax authority, according to a filing seen by PTI.
'After living in a country with hazy skies and a billion people, it is breathtaking when the sky is blue, the air crisply clean and there is drinking water in the taps. And, joy of joys, hardly any people.'
He is the first high-profile person who has deposed before the ED in this case.
The airline has informed its flight attendants that they would be eligible for leave without pay between November 1 and December 20
After the August 10 deadline, South American conglomerate Synergy Group Corp reportedly evinced interest in the airline, forcing the RP to seek lenders' nod to extend the deadline to August 31. The Synergy Group owns a majority in Colombian carrier Avianca Holdings, which has a codeshare partnership with the state-run Air India.
Amid continuing uncertainty over the fate of the national carrier, an official said there is also need for funds to restart operations of 12 grounded narrow-body planes.
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.
One reason is that airlines have ramped up capacity and expanded their presence in tier-II markets. The first of a three-part series analyses how the aviation industry is an outlier in the midst of an overall economic slowdown.
The timeline for disinvestment of Air India and Bharat Petroleum Corporation (BPCL) may be pushed by two to three months due to impact of the second Covid-19 wave. However, the government is confident of wrapping up the sale of the two companies by FY22 and meeting the disinvestment target of Rs 1.75 trillion. This will be achieved by sale of government stake in core and non-core public sector undertakings (PSUs).
Modi's critics will say that he has put up cement and steel structures, but weakened the institutions of governance whereas Nehru strengthened them, observes T N Ninan.
No-frills carrier SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon.
Former India and Mohun Bagan footballer Manitombi Singh died aged only 39 at his native village near Imphal in Manipur on Sunday. Manitombi was suffering from a prolonged illness and breathed his last in the early hours of Sunday.
From small restaurants to mighty software companies, it is businesses, not the government, that create jobs. Yet, in a cruel irony, they have to fight extortive and brutal State power every step of the way, says Debashis Basu.
In a market driven by low fares, premium air carriers may have a tough time.
Emirates and Etihad Airways have over the past year continued to lobby India to allow them more flight slots, which won't be possible until the 2007 pact is revised.
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.
Bids to be evaluated according to guidelines by the civil aviation ministry, following which a buyer will be selected. Transfer of control to the buyer to be effected by June-end.
Samridhi Bhardwaj analyses the dynamics of duty-free liquor allowance in India.
In January this year, Tata Sons invested an additional Rs 2,500 crore (Rs 25 billion) in Tata Teleservices which was used to repay loans of the wireless telephony company.
R Venkataramanan, the managing trustee of the Sir Dorabji Tata Trust who is responsible for all Tata-run trusts, prefers to keep a low profile but has emerged as a power centre in the group - with more clout than many established CEOs, says Dev Chatterjee.
The civil aviation ministry had last week suspended all flights between the European country and India from December 23 to December 31 as a mutated variant of the coronavirus was detected there.
The 2-month-old Boeing 737 MAX 8 jet plunged into the Java Sea just minutes after taking off from Jakarta on October 29, killing everyone on board.
The loss-making airline has already started using food items stocked from India during its onward journey to Stockholm, Copenhagen, Birmingham and Madrid, and use them when returning. It has said food items purchased from these foreign cities are much more expensive when compared to Indian cities.
The aircraft, which has been grounded since March following two fatal crashes which killed 346 on board, is crucial to Indian low-cost airline SpiceJet's fortune, which has up to 205 aircraft on order. With the grounding, the airline's capacity expansion plan is suffering.
Vistara needs to launch more aircraft into service.
The number of Indian passengers has jumped more than 20 per cent in the past year
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
The government is considering setting up air freight stations to enable direct movement of vaccines from pharmaceutical factories to the aircraft.
West Bengal government has 1.2 per cent stake in BAPL.
The government on Tuesday confirmed that a French court has ordered the freezing of certain Indian assets in Paris on a petition by Britain's Cairn Energy, which is seeking to recover $1.72 billion from New Delhi after winning an arbitration against retro tax. Minister of State for Finance Pankaj Chaudhary in a written reply to a question in the Rajya Sabha said the government has filed an appeal against an international arbitration tribunal overturning levy of Rs 10,247 crore in back taxes on Cairn Energy. "Yes sir, an order has been passed by a French Court freezing certain Indian government properties in the case pertaining to Cairn Energy," he said.
Cairn Energy and Air India have jointly asked a New York federal court to stay further proceedings in the British firm's US lawsuit targeting the airline for enforcement of a $1.2-billion arbitral award. The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn, according to court documents reviewed by PTI. The British company had won an international arbitration award against levy of such taxes and sought to take over Air India assets when the government refused to honour the award and pay it $1.2 billion-plus interest and penalty.
The budget carrier would now be operating 399 flights per day.
No-frills carrier SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon.
Rediff.com takes a look at the major aviation disasters of recent times.
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The airline, which posted an annual loss of Rs 191 crore (Rs 1.91 billion) for the past financial year, has been looking to raise funds for months.
The double-decker plane, flight QF32 bound for Sydney from Singapore, was carrying 433 passengers and 26 crew when it ran into trouble shortly after take-off and had to return to the city-state's Changi Airport leaving a trail of smoke
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