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".
Ratan Tata on Friday welcomed the government accepting Tata Sons' bid of Rs 18,000 crore for the takeover of Air India, saying the airline provides a very strong market opportunity to the group even through it will take considerable effort to rebuild the debt-laden carrier. "Welcome Back, Air India," he said. "The Tata Group winning the bid for Air India is great news," he said in a statement.
Tata Group expects to do some tightrope walking on legal issues in the days ahead.
The last date to submit bids is March 17 but the deadline could be extended if there are requests from potential bidders.
The truth about what triggered the fatal crash of the Dreamliner should not only help bring the guilty to book, but also outline the future course of action in aviation safety, notes Nivedita Mookerji.
"The strategic divestment transaction of Air India successfully concluded today with transfer of 100 per cent shares of Air India to M/s Talace Pvt Ltd along with management control," DIPAM secretary Tuhin Kanta Pandey said in a tweet. A new board, led by the strategic partner, takes charge of Air India, he added.
Tatas' best bet would be to find an insider who understands the systems, say headhunters
The DGCA directive called for a series of specific checks before each flight's departure from India, including inspection of fuel parameter monitoring systems, cabin air compressors, and electronic engine control units.
JSW Steel, owned by Sajjan Jindal, has emerged as the world's most valuable steelmaker, boasting a market capitalisation (mcap) of nearly $30.31 billion, according to Bloomberg data.
'Not many know that Ratan Tata became chairman of Tata Sons because of Cyrus's father Pallonji Mistry. But he (Cyrus) never used it or leveraged it to his benefit.'
The letter shared with the media on Saturday comes amid Maharashtra losing several big-ticket projects to neighbouring Gujarat.
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.
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.
John Elliott, the author of Implosion: India's Tryst with Reality, on his Riding the Elephant blog, says the sacking of Cyrus Mistry as chairman of Tata and Sons was in line with Ratan Tata's personal style of dealing with executives
While the entry of 62-year-old Noel Tata, half brother of Ratan Tata, into Tata Trusts is being seen as a significant departure from the past within the salt-to-software conglomerate, Jehangir, a long-standing philanthropist is expected to add heft to Tata Trusts.
Tata Group's takeover of loss-making national carrier Air India is most likely delayed by a month till January as the completion of procedures taking longer than expected, an official said on Monday. In October, the government accepted the highest bid made by a Tata Sons company for 100 per cent equity shares of Air India and Air India Express along with its 50 per cent stake in ground-handling company AISATS -- the first privatisation in 20 years. At that time, the government had stated that it wanted to complete the transactions, which included Tatas paying Rs 2,700 crore in cash, by December end.
Of the six chairmen that Tata group has had in its 148 years, the longest serving was Jehangir Ratanji Dadabhoy
Online pharmacy platform Tata 1mg turned a unicorn after raising close to $40 million in a funding round led by Tata Digital, media reports said. The company was yet to comment on the valuations till the time of going to press. 1mg has raised $230.8 million across 16 rounds, including this one.
Tata Group companies Tata Sons and Tata Tea, under an agreement with the US firm, will jointly purchase the 30 per cent stake owned by TSG consumer partners, the company said.
In absence of hard facts, the group risks losing public trust, says the firm, which has investment from the Tatas
About time the Tata companies that are owned by the public are freed from the clutches of Tata Sons, says Sudhir Bisht.
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.
Powered by Ziptron technology, the electric SUV for the personal segment comes with a range of 312 km on a single charge and a high voltage system, fast charging capability, extended battery life and class leading safety features. Besides, it has 35 connected car features as well. The Nexon EV will be available in three trim levels across 60 authorised dealerships in 22 cities, the company said at the launch.
Travel portal MakeMyTrip has moved the Delhi High Court challenging a recent ruling by global intellectual property regulator WIPO that directed it to handover domain name oktatabyebye.com to Tata Sons.
Temasek is exiting by selling its 10 per cent stake while Network Digital Distribution Services will pare part of its 30 per cent stake.
India is well positioned to continue to be the fastest-growing major economy next year, which may mark the lowest global growth since the millennium began barring the pandemic and the global financial crisis, according to Tata Sons chairman N Chandrasekaran. In his New Year message to around 9.35 lakh employees of the Tata Group, he said increasing consumption, consumer confidence and investment will support India's growth story although the global environment has several risk factors, including the energy crisis in Europe, the battle to contain inflation to avoid recession, and ongoing geopolitical conflicts. "Post-pandemic, India opened up, and we have returned to living our daily lives normally, in a year that saw the nation turn 75 years old.
The issue will now have to be resolved through arbitration.
'Tata may have sensed that the suddenness of the decision to replace Mistry would become controversial and it was proper to keep the prime minister informed of the decision,' says A K Bhattacharya.
In the midst of an investment drive, Tata Sons on Tuesday claimed that the brand value of group companies and products has shot up to Rs 24,396 cr
The notices from the stock exchanges followed reports about Cyrus Mistry disclosing possible writedown to the tune of $18 billion faced by the conglomerate
The annual report also mentions Tata Sons is obligated to buy the stake at the higher end of fair value or 50 per cent of the subscription purchase price.
Chairman Emeritus of Tata Sons Ratan Tata termed Prime Minister Narendra Modi as a 'doer' and said he should be given more time.
Post handing over of Air India to the Tatas, government officials will be free to book their travel with any airline that offers them the best price. And, the Centre will not have a tie up with any carrier, department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey said. "The government is not mandating travel by any particular airline, going forward, after handing over Air India because there won't be any state-owned airline," he said. The department of expenditure (DoE) will soon issue instructions to government departments for official travel as this needs to be done before handing over Air India to the new buyer, he said.
The job of Tata Sons chairman might be the most prestigious in India Inc, but it comes loaded with challenges.
The Tata group is planning to invest $90 billion in new industries such as mobile components plant, semiconductor, electric vehicles, batteries, renewables energy and e-commerce by 2027. The Tata group's investment in India is far higher than the $75-billion investments planned by Mukesh Ambani-owned Reliance Industries and $55-billion investment planned by the Adani group in the next five years in the country, the Economist reported recently. The investment by the Tata group is a shift in its strategy to focus more in the home markets instead of international markets where the group lost money.
In a criminal complaint filed before the court of Additional Chief Metropolitan Magistrate, Mumbai, Tata Sons has claimed that an article published by 'Outlook' in its March 28, 2011 edition and another in the April 4, 2011 edition made 'false and defamatory statements and harmed the reputation of the Tata business name'.
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.
Tata Consultancy Services (TCS) on Monday said its Rs 18,000 crore share buyback offer will open on March 9 and close on March 23. On February 12, the company announced the share buyback programme entailing 4 crore shares at Rs 4,500 apiece. TCS has fixed April 1, 2022 as the last date for settlement of bids on stock exchanges which may even happen earlier, according to a BSE filing.
