Tata group-owned AirAsia India's inability to get approval for international flights is hurting UDAN, the Indian government's regional air connectivity project that also aims to link cities in Northeast India and Odisha to places abroad. Sources said the civil aviation ministry is waiting for the low-cost airline to come under the full ownership of Tata Sons and become part of Air India, the former state-owned carrier now owned by the private conglomerate, before allowing it to operate international flights. Tata owns 84 per cent stake in AirAsia India and it is understood that the group will complete the process of buying rest of the stake by July's end.
The reported buyback of Temasek's 20 per cent stake in Tata Play by Tata Sons will be the third instance of Tata Group providing an exit to a foreign partner in recent years. In 2018, Tata Sons paid $1.27 billion to DoCoMo to buy back 26 per cent of the group's telecommunication venture, Tata Teleservices. This was followed by Tata Sons acquiring AirAsia Berhad's 49 per cent stake in AirAsia India in two tranches to make it a wholly owned subsidiary.
Tata Sons is all set to acquire a residual stake of 16.33 per cent in AirAsia India from its joint venture (JV) partner AirAsia Berhad for $19 million (or Rs 142 crore) by early next year. The valuation is in accordance with the previous transaction under which AirAsia Berhad had sold its 32.6 per cent stake, said a banking source. Tata Group had increased its stake in AirAsia India at a valuation of $115 million.
Flipkart Group on Monday said it has raised $3.6 billion (about Rs 26,805.6 crore) in funding led by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at $37.6 billion. The company, which competes with Amazon, Reliance Industries' JioMart and others in the burgeoning Indian e-commerce market, said it will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in the country. The current funding round has also seen participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
AirAsia India, which started operations on June 12 2014, had a market share of 6.2 per cent of the domestic traffic in April.
He was chargesheeted for the offences punishable under section 120-B
Walmart-owned Flipkart will undertake a buyback employee stock options worth about Rs 600 crore, according to sources Earlier in the day, Flipkart announced raising $3.6 billion (about Rs 26,805.6 crore) in funding from a clutch of investors that valued the e-commerce major at $37.6 billion (about Rs 2.79 lakh crore). In an e-mail to employees, Flipkart group chief executive officer Kalyan Krishnamurthy lauded the critical role played by the staff in reaching this milestone.
For the AI bid, Interups has joined hands with a few employees of the airline, and plans to raise funds by splitting some of its infrastructure-related assets into an aviation InvIT, which will have underlying assets such as air routes, ground handling, repairs, and training etc.
Tha airline launches maiden flight to Goa; will begin service to Chennai on June 19.
A Central Bureau of Investigation (CBI) official said the agency would soon call Malaysian businessman T Ananda Krishnan for questioning. Maxis is part of the business empire of Krishnan, who is expected to soon fly to New Delhi.
The company said this was 'important' to reinforce the 'complete disassociation' from its erstwhile promoters -- Malvinder and Shivinder Singh.
Tata Sons will increase its stake in budget carrier AirAsia India (AAI) to 83.67 per cent by acquiring an additional 32.67 per cent for $37.66 million from AirAsia Investment Ltd (AAIL), according to a regulatory filing. Currently, AAIL, which is a wholly-owned subsidiary of Malaysia-based AirAsia, holds 49 per cent stake in the Bengaluru-based AirAsia India. In a regulatory filing to stock exchange Bursa Malaysia, AirAsia said, "The board of directors of AirAsia wishes to announce that its wholly-owned subsidiary AAIL and Tata Sons Pvt Ltd, India, on December 29, entered into a share purchase agreement."
The Rajiv Gandhi International Airport, which is being developed by GMR on the outskirts of Hyderabad, will be the first greenfield public-private partnership (PPP) airport to be operational in March 16.
Aditya Birla group firm Idea Cellular on Monday made an open offer to the shareholders of Spice Communications for acquiring additional 20 per cent stake in the telecom services provider for about Rs 1,066.63 crore (Rs 10.66 billion).
Hyderabad-based Goldstone Technologies, a software technology and services company, is all set to launch IPTV services in Malaysia and Thailand.
With South East Asia becoming a hub for tourists both from India and the west, the Taj Group of hotels on Friday said it will manage an exotic island resort in Malaysia to set up its presence in one of the region's key destinations.
Petronas of Malaysia has picked up about 10 per cent stake in Cairn India Ltd, the subsidiary of Scottish oil firm Cairn Energy Plc, that is to be listed on Bombay Stock Exchange by the end of next month.
Former Telecom Minister Dayanidhi Maran, his brother Kalanithi Maran and four others were on Friday chargesheeted by the Enforcement Directorate in the Special 2G court.
The ED had filed the first chargesheet in the case against Chidambaram's son Karti; later, a supplementary chargesheet was also filed against him.
Maxis Communications Berhad of Malaysia and its Indian joint venture company will acquire 100 per cent stake in Aircel Limited, a leading Indian mobile operator.\n\n
Former Telecom Minister Dayanidhi Maran had "pressurised" and "forced" Chennai-based telecom promoter C Sivasankaran to sell his stakes in Aircel and two subsidiary firms to Malaysian firm Maxis Group in 2006, the CBI on Thursday told a special court.
The telecom industry is moving towards a five-plus one model.
This, despite squeeze in start-up funding; $946 mn Bharti Infratel deal is biggest so far this year
Samsung last week suspended sales of its latest flagship smartphone and announced a recall of 2.5 million units already sold, after faulty batteries caused some handsets to explode during charging.
The agency, sources said, has issued the notices under the Prevention of Money Laundering Act (PMLA) and they have summoned the accused to examine them and record their statements.
FINDIT will provide access to information on 175,000 business listings.
In a statement, Fortis said under the accepted offer, IHH would infuse Rs 4,000 crore through subscription to the preferential allotment at a price of Rs 170 per share. The Malaysian firm will then make a mandatory open offer to public shareholders for 26 per cent of the outstanding shares post issuance.
Tony Fernandes said the aviation sector here was a "double marathon" and not a "sprint".
On Wednesday, Daiichi Sankyo's lawyers argued for a stay on stake sale by Fortis, which was opposed by counsels of the hospital chain and promoter entities.
DIAL is a joint venture consortium of GMR Group, Airports Authority of India, Fraport and Malaysia Airports Holdings Berhad.
RCom and Aircel will hold 50 per cent each in the new company
Singh, who was instrumental in building required capabilities in the organisation said his role at Fortis did not allow him to spend time with his family, as the reason behind his resignation.
AirAsia has rolled out fares as low as Rs 3,399 for a Visakhapatnam-Kuala Lumpur.
On August 29, CBI had filed the charge sheet in the case against Dayanidhi, Kalanithi and six others, including four firms.
Maxis Communications Berhad (MCB), which has been named in a CBI chargesheet for alleged wrong doing in sale of Aircel, on Tuesday denied charges of using illegal means to acquire the firm from Siva Ventures and said it will pursue all legal remedies to defend itself and its officials.
In its investor presentation, IHH said it wanted to develop Fortis into a market leader.
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