Tata Sons on Thursday announced the appointment of Campbell Wilson as chief executive officer and managing director of Air India. Wilson is the founding CEO of low-cost airline Scoot.
Mistry will work with Ratan Tata over the next year and take over from him when he retires.
"Tata Sons board is meeting tomorrow (Friday) to consider the proposal to bid for Jet Airways," people in the know of the development told PTI.
Tatas may look at selling part of its stake in couple of investments
Apart from his vision, what helped Ratan Tata pursue his global dreams was the phenomenal success of Tata Consultancy Services, which is 74 per cent owned by Tata Sons.
No other corporate house in India is in a better position than Tata group for the takeover of debt-laden airline Air India, former deputy chairman of erstwhile Planning Commission Montek Singh Ahluwalia said on Thursday. Tata Sons has emerged as the top bidder for the takeover of the state-run airline but the bid is yet to be approved by a group of ministers headed by Home Minister Amit Shah. "You can't have a better corporate, with a better position than the Tatas, we can hand it (state-run airline Air India) over," he said while replying to a question in a virtual event.
Billionaire Mukesh Ambani's Reliance Industries Ltd has spent $13 billion on acquisitions in the past five years across new energy, telecom, retail and media business to script a pivot away from core oil and petrochemicals business to clean energy and consumer facing verticals. Last week, Reliance bought oncology platform Karkinos Healthcare for Rs 375 crore, adding another stack to its diagnostic and digital healthcare ecosystem, Morgan Stanley said in a report.
'Tata A&D, when formed, will be better equipped to execute larger and more complex projects and be more globally competitive as part of the global supply chain.'
During the 11 years ending FY15, Tata Sons cumulatively earned dividend income of around Rs 31,500 crore from TCS.
A division bench of Justices Ranjit More and Bharati Dangre on Monday quashed and set aside the proceedings.
The Tata group on Thursday launched its super app, Tata Neu, bringing all its brands in one platform as it seeks to play a major role in the Indian ecommerce space currently dominated by the likes of Amazon and Flipkart.
Tata had led the salt-to-software conglomerate for 21 years after being chosen successor by his uncle, the iconic JRD Tata, in 1991.
The government is keeping a "close watch" on the developments relating to the Tata-Mistry case, but does not want to "interfere" at present as it was an "internal matter" of a private group, Ministry of State for Corporate Affairs Arjun Ram Meghwal has said.
Dividend pay-out by the group companies grew at a compounded annual rate of 15.7% under Cyrus, sharply up from 2.5% in the previous three years
With its nominees on the board, Tata Sons will have the controlling stake of 51%.
The objective of the council is to provide strategic and operational support to the group chairman.
Tata group companies have outperformed the broader market over the past four years, under the chairmanship of N Chandrasekaran. However, the group's fortunes rely heavily on the performance of Tata Consultancy Services (TCS) now, as compared to the past. The combined market capitalisation of the group's listed companies has nearly doubled in the last four years, against a 77 per cent rally in the benchmark Sensex during the period. The overall market value of 16 key group firms - excluding listed subsidiaries of such entities - stood at Rs 16.8 trillion as of Friday. This was close to 2x the Rs 8.45 trillion as of February 21, 2017 - the day Chandrasekaran took charge as chairman of Tata Sons.
'Tata Group is excited to work together to make Air India the airline of choice in terms of passenger comfort and service'. This is an audio message from Ratan Tata played onboard some Air India flights. Tata Group completed the takeover of the loss-making Air India on January 27.
Trolled over his son's name, 'Jehangir', noted Marathi actor Chinmay Mandlekar has announced he would not play the character of Chhatrapati Shivaji Maharaj as his family is being mentally harassed on social media.
In about a fortnight, Vistara - known for its premium service - will take off on its final flight before merging into the legacy of Air India. Set for November 12, the merger has sparked discussions on how these two distinct brands will blend.
JV will set up a full-service carrier based out of New Delhi.
The Supreme Court in its order said it was not open for SP group companies to call Ratan Tata a "shadow director" when the board of which Cyrus Mistry was chairman had nominated him as chairman emeritus of the USD 100 billion salt-to-software Tata group.
The Cyrus Mistry camp is confident that independent directors will take their cue from their counterparts in Indian Hotels.
Tata Digital Ltd has acquired a majority stake in online grocery platform BigBasket. Tata Digital is a 100 per cent subsidiary of Tata Sons. "Grocery is one of the largest components of an individual's consumption basket in India, and BigBasket as India's largest e-grocery player, fits in perfectly with our vision of creating a large consumer digital ecosystem.
The new owners of Air India will have to retain all the employees of the national carrier for at least one year post which they can offer a VRS. The gratuity, pension fund and post retirement medical benefits of existing and past employees too would be honoured by the new owner, civil aviation secretary Rajiv Bansal said. Tata Sons has emerged as the winning bidder for Air India with the government accepting its Rs 18,000 crore offer to acquire 100 per cent of the debt-laden state-run carrier.
"Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage," DIPAM Secretary Tuhin Kanta Pandey tweeted.
The NCLAT, in its December 18, 2019 order, had restrained the company, its board of directors and shareholders from exercising the power under the article against minority members except in exceptional circumstances and in the interest of company. A bench headed by Chief Justice S A Bobde dealt with this issue in its 282-page verdict which set aside the NCLAT's order that had restored Cyrus Mistry as the executive chairman of the USD 100 billion salt-to-software conglomerate.
As Tata and DoCoMo look for out-of-court settlement, here's a blow-by-blow account of the long legal tussle
Mistry would be succeeding as the chairman of Tata Group.
The price movement and trading volumes for few days prior to Mistry's ouster will also be looked into
While four of the directors would be nominated by Tata Sons, the other two would be representatives of Singapore Airlines.
The parties have jointly applied to the Delhi high court, requesting that it accept their agreed terms of settlement, subject to such further orders as the court sees fit, it said.
Reserve Bank of India on Thursday said 15 large NBFCs, including LIC Housing Finance, Bajaj Finance, Shriram Finance and Tata Sons, will be subject to enhanced regulatory requirements. The central bank has categorised NBFCs into Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer (NBFC-TL). A list of 15 large Non Banking Finance Companies (NBFCs) falling in the Upper Layer category has been released.
This move is seen as a way to create an enabling structure for the new chairman, where he or she will have the support of an experienced team to share some of the responsibilities in running the conglomerate through Tata Sons.
Private carrier Air India on Monday announced placing an order to purchase 100 more Airbus aircraft, comprising 10 wide-body A350 and 90 narrow-body A320 family aircraft including A321neo.
Historically, Tata Steel has always been among the biggest companies in the group in terms of m-cap, revenue, and profit but its fortunes began to decline after 2010 due to a sharp decline in the profitability of its European operations that it had acquired in 2007. The company was hit by a sharp rise in its debt level after this acquisition. First, it lost out to Tata Motors in terms of revenue in FY11 and then in March 2015, Titan beat it to become the third-biggest firm in the group in terms of m-cap. In FY20, TCS reported higher revenue and Tata Steel had become the third biggest company in that terms.
Starting the process of incorporating a new company for its proposed aviation venture with Singapore Airlines, Tata group has sought to register this entity as 'Tata SIA Airlines Limited'.
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".
Tata Sons has emerged as the top bidder for the takeover of debt-laden State-run airline Air India but the bid is yet to be approved by a group of ministers headed by Home Minister Amit Shah, sources said.
