Other members of the board would comprise Vishwapati Trivedi as the joint managing director, V K Verma, director (commercial) and Anup Srivastava, director (personnel), an official spokesperson said in New Delhi on Tuesday.
Divestment-bound Air India is looking to sell securities of its two provident trusts AIEPF and IAEPF, and has sought applications for transaction advisors to help with the proposed sale of the securities. The Air India Employees Provident Fund (AIEPF) trust and Indian Airlines Employees Provident Fund (IAEPF) trust are governed by the Provident Fund Trust Act, 1925. The two trusts' investments together amounted to Rs 4,500 crore as of August 31, 2021, according to the tender document, seeking RFPs for the appointment of the transaction advisors.
In a letter to Civil Aviation Minister Vayalar Ravi, he sought permission to step down from the board of National Aviation Company of India Ltd.
State-owned National Aviation Company of India Ltd (Nacil), which runs Air India, has approached the government to raise $2.3 billion through external commercial borrowings (ECBs) as part of a plan to restructure its high-cost working capital debt.
Delhi-based Vayudoot was launched as a subsidiary of erstwhile Indian Airlines in January 1981 to serve the northeast region.
Sky marshals could soon be grounded if some private airlines keep dawdling over the former's maintenance.
The finance ministry has agreed to furnish sovereign guarantees on loans raised by National Aviation Company India Ltd, which flies under the Air India brand name. A top source in the ministry confirmed: "Yes, we will provide sovereign guarantee to Air India on its loans. After all, it is a company owned by the government."
As a pre-requisite, the airline has taken the first step by appointing four independent directors to the state-owned company's expanded 13-member board. Stock exchange listing requirements mandate that one-third of a company's board must consist of independent directors.
Besides engine-wash of the flag-carrier's aircraft, the facility, to be set up at the Mumbai International airport, would undertake work from third parties, the company said.
The financial losses of NACIL have been compounded by weakening of its revenue stream, a high cost structure and costly legacy assets (obsolete assets) that have resulted in rising liabilities.
Information Commissioner Sushma Singh told the officials of National Aviation Company of India Limited, the company formed after the merger of Air India and Indian Airlines, to give the details of 'pay, perks and privileges' enjoyed by its chairman, managing director and functional directors to Right to Information activist Subhash Chandra Agrawal.
Air India Express, the international low-cost arm of National Aviation Company of India Ltd, has finalised a blueprint for the launch of cheap-fare domestic routes. The plan includes shifting base from Mumbai to Kochi, rebranding to Express India and improving the utilisation of its 21-strong fleet from 9 hours to 12.5 hours daily.
An airhostess has approached Delhi High Court challenging erstwhile India Airlines' decision to sack her for being "overweight".
Moving ahead with its fleet expansion plan, cash-strapped Air India has sought a long-term loan of USD 475 million from banks and financial institutions to acquire three long-haul Boeing-777s.
The National Aviation Company Ltd, which runs Air India, today named Gustav Baldauf as its chief operating officer.
With Arvind Jadhav, principal secretary, in the department of infrastructure development of the Karnataka government, emerging as the frontrunner in the race to replace Raghu Menon as the chairman and managing director of the state-owned National Aviation Company of India Ltd (Nacil), which runs Air India, informed sources said Menon lost the coveted job because of his opposition to the airline's proposed joint venture with Singapore Airport Terminal Services (SATS).
Analysts say this is a reflection of the high debt that most aviation companies have on their books. "Aviation companies are unable to pay their dues because they are into losses.
National Aviation Company Ltd, which runs Air India, has constituted committees to review productivity-linked incentives and cost cutting measures. These will talk with the labour unions and report on Monday.
Plans to rake in Rs 900 crore from marketing engineering, cargo & training services.
National Aviation Company India Ltd, which runs Air India, is likely to receive government approval for its second equity infusion of Rs 1,200 crore (Rs 12 billion) by next week.
The National Aviation Company of India Ltd (Nacil) will be able to save more than 30 per cent on its interest payment per year, as the finance ministry recently agreed to furnish sovereign guarantees on loans raised by the company which runs Air India.
The NACIL will operate three domestic flights on Wednesday using Air India aircraft and cabin crew in view of the ongoing agitation by a section of employees of the airline.
According to top sources in the airline, about half the employees will shift to these JVs, which will be clearly focused on the areas of operation and will have to make money.
Yechuri also said the process of merging Air India and Indian Airlines (Indian) has not taken place in a proper way.
Air India's general manager (finance), who should be in the thick of company's financial matters, does not have information about pay and perks of the company's top bosses.
Nacil was formed after the merger of erstwhile Indian Airlines and Air India in 2007. In 2004, they ordered for 111 aircraft -- 68 from Boeing and 43 from Airbus. The Boeing order included 27 B787-800 Dreamliners.
After stiff resistance from its employees against a steep pay cut, National Aviation Company of India Ltd), which runs Air India, has come out with a fresh proposal to impose a 15-17 per cent cut on the total salary package.The total package includes basic salary, dearness allowance, house rent allowance and payments made under the productivity-linked incentive scheme . The cut, however, would not be applicable on 4000 employees.
E.K. Bharat Bhushan has assumed charge as chairman & managing director of the National Aviation Company of India Limited.
The COO's compensation package will be negotiable, based on qualification and experience in the industry. But he will also be given a performance-linked pay based on key performance indicators determined by the management or the board.
National Aviation Company Ltd, which runs Air India, has reshuffled its executive directors and created a new designation of ED (marketing).
The Air India board is likely to give its approval to the appointment of global consultancy firm, Booz Allen and Company, for its cost restructuring plan.
Hardening their stand, Air India unions said on Thursday they were not willing to renegotiate on the proposed wage cut by the management. NACIL is the holding company of the state-run airline and was formed after the merger of Air India and Indian Airlines.
While the civil aviation ministry's activist supervision of the airline's functioning is said to be responsible for much of the mess, the airline management has its own sins to answer for.
Kingfisher Airlines, National Aviation Company of India Limited -- the state-owned company that runs Air India -- and Indigo could face additional cost pressures, with reinsurance rates expected to harden following the accident involving the Air France aircraft that was flying from Rio de Janeiro to Paris with 228 passengers on board.
National Aviation Company Ltd (Nacil), the entity formed by the merger of Air India and Indian Airlines, has failed to keep up to its promise -- it is yet to provide equal access to a large part of the 30,000 employees under its fold.
To bring down its aircraft strength of 133 to 95, National Aviation Company Ltd, which runs Air India, has worked out a combination of leasing, selling and phasing out of its existing fleet.
The airline, which was formed through a merger of international carrier Air India and domestic carrier Indian Airlines announced in 2007, has accumulated losses of Rs 4,334 crore till March 31, of which fiscal 2008-09 will account for almost Rs 3,000 crore.
These purchases represent the third phase of Air India's 68-aircraft fleet renewal plan. EXIM Bank had earlier approved $1.2 billion in 2007 and $548.8 million in 2008 to support the financing of NACIL's purchases of Boeing aircraft.
There were concerns in some quarters that the airline would defer the purchase of some aircraft in order to save costs.
NACIL had submitted a proposal in October 2008 for equity infusion of Rs 1,231 crore (Rs 12.31 billion) and provision of soft loan of Rs 2,750 crore (Rs 27.5 billion), with an interest of approximately 5 per cent payable over 15 years.
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