India's leading conglomerates are stepping up investments in real estate, recasting what was once a peripheral activity into a core growth driver. Supported by strong balance sheets, established brands and access to long-term capital, major business houses including Aditya Birla, Tata, Godrej, L&T, Raymond, Wadia, Shapoorji Pallonji, Mahindra and Adani are positioning realty as a strategic pillar within their diversified portfolios.
Which were India's first companies that still exist today? Many trace their origins to over a century back. These venerable organisations are business entities. But they chronicle the beginnings of Corporate India.
The growing mismatch between Go First's losses and other group companies' profits was making it tough for the group to fund the losses of the airline venture.
Wadia group, the promoter of budget airline GoAir will invest $30 million with SIA Engineering, a subsidiary of Singapore Airlines, for maintenance, repair and overhaul services in the country.
Indian business group Wadia is to join an ever-growing queue of companies wanting to launch a low cost domestic airline, the Economic Times reported Wednesday.
Ahmedabad-based Torrent Group has completed the acquisition of a majority 67 percent stake in Indian Premier League (IPL) franchise Gujarat Titans.
Mumbai-based Wadia group and French food major Groupe Danone are currently fighting it out in the Bombay high court with the next hearing scheduled for January 10, 2006.
The Adani family, led by Chairman Gautam Adani, is the most valued first-generation family business at Rs 15.44 trillion.
There were certainly qualities adhering to the Tata Group, which emanated from the persona of Ratan Tata. Most notable of these would be the low profile he maintained, which sharply contrasted the in-your-face celebrity status, celebration of wealth and pursuit of importance many of liberalised India's rich, love, notes Shyam G Menon.
Grounded Go First's CEO Kaushik Khona has put in his papers, nearly seven months after the no-frills airline filed for insolvency proceedings. In an e mail to the airline's employees on Thursday, Khona said that November 30 is his last day at the company. Khona had returned to Go First in August 2020 as its CEO.
Crisis-hit Go First has sought various interim directions from the National Company Law Tribunal, including restraining lessors from taking back aircraft and regulator DGCA from taking any adverse action against the airline. The Wadia group-owned airline, which has liabilities worth Rs 11,463 crore, has sought voluntary insolvency resolution proceedings and the plea is set to be heard by the Delhi bench of the NCLT on Thursday. Go First has cancelled all its flights for three days starting from May 3.
Japan's Sumitomo Realty & Development Company will buy a 22-acre land parcel in central Mumbai from Bombay Dyeing for Rs 5,200 crore, the Wadias-run company said on Wednesday. The sale of the land parcel in Worli is one of the biggest land sale transactions in the history of the financial capital.
As Go First awaits the NCLT verdict on its voluntary insolvency resolution plea, lessors have sought deregistration of nine more aircraft of the crisis-hit airline. In one week, various lessors have approached aviation regulator DGCA for deregistration and repossession of a total of 45 planes of Go First. The National Company Law Tribunal (NCLT) is set to pronounce the order on the carrier's petition on Wednesday.
No-frills carrier Go First filing for insolvency proceedings and cancelling flights is bad for the airline industry as the move will reduce capacity and could push airfares in certain routes, travel agents' grouping TAAI said on Wednesday.
A 2019 investigation of Bombay Dyeing by market regulator Sebi has put a brake on the initial public offering process of sister company Go Air. The Wadia group-owned low cost airline had earlier planned to launch the IPO to raise Rs 3,600 crore by August, but may be forced to postpone it by a month or two as Sebi completes its investigation.
The National Company Law Appellate Tribunal (NCLAT) on Monday upheld an NCLT order allowing crisis-hit Go First's voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency, to approach National Company Law Tribunal (NCLT) for any remedy. "The order dated May 10, 2023 allowing insolvency is upheld," said the NCLAT bench headed by Chairperson Justice Ashok Bhushan.
Aviation watchdog DGCA will conduct a special audit of grounded airline Go First's facilities in the national capital and Mumbai from July 4 to 6 before approving the revival plan for resumption of flights, according to a senior official. Cash-strapped Go First stopped flying on May 3 and is undergoing a voluntary insolvency resolution process. Meanwhile, a senior executive at the airline expressed hope of resuming ticket sales -- which was paused by DGCA following the grounding of the carrier -- from July 7 or July 8 and subsequent relaunch of the operations from middle of next month.
Wadia group-owned Go First will temporarily suspend flights on May 3 and 4 amid severe fund crunch, the airline's chief Kaushik Khona said on Tuesday.
Indian airline Go First is considering legal action against Pratt and Whitney (PW) for failing to provide compensation after March 2020 for planes grounded due to engine supply delays, sources said on Thursday. About 90 per cent of the airline's fleet of aircraft uses PW engines. About 24 of the airline's 55 planes are grounded due to delays in engine supply by PW.
Both Jet Airways and Go First have met with a similar fate of landing up in insolvency, albeit for different reasons. Whether Go First will be able to avoid the sharp erosion in value like in the case of Jet, experts say, will depend on how quickly it is able to restart operations and retain its slots at airports. Go First, owned by the Wadia group, filed for voluntary corporate insolvency resolution on May 2 due to inadequate capacity utilisation that led to a cash crunch.
Wadia Group-owned Go First Airways' (Go First) insolvency plea could trigger a 'momentum rally' in shares of rival airlines, Interglobe Aviation (parent company of IndiGo) and SpiceJet, as they look to gain bankrupt airline's market share, said analysts. On the bourses, shares of InterGlobe Aviation hit a 52-week high of Rs 2,235.95, surging 8 per cent on the BSE in Wednesday's intra-day trade, before settling 4.5 per cent higher at Rs 2,164 apiece. Those of SpiceJet and Jet Airways, meanwhile, rallied up to 6 per cent in the intra-day trade, and ended 1 per cent and 5 per cent higher, respectively, following the development, which was announced post market hours on Tuesday.
The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First's plea seeking voluntary insolvency resolution proceedings and interim moratorium on financial obligations while aircraft lessors vehemently opposed the petition. Amid the airline facing severe financial crunch and cancelling flights, a two-member NCLT bench comprising Justice Ramalingam Sudhakar and Member L N Gupta heard the arguments for and against the petition for nearly four hours. As aircraft lessors opposed the plea, the counsels for Go First said the petition was not a malicious one to avoid payment of dues to its creditors but to save the company.
Wadia group-owned no-frills airline GoAir on Monday announced that its managing director Jeh Wadia has stepped down from the position. The airline, however, said that Wadia will continue as a promoter. It also announced the appointment of aviation industry veteran Ben Baldanza as vice chairman at the carrier. Baldanza has been an advisor to the company since 2018 and director since 2019.
Kaushik Khona's second innings at GoAir will be more challenging than the first. Globally, the aviation industry is in deep distress because of the pandemic, reports Aneesh Phadnis.
Budget carrier Go Airlines, which has rebranded itself as 'Go First', has filed preliminary papers for an initial share sale worth Rs 3,600 crore.
India produced 97 million tonnes of dairy products in the year to March 2006 and Danone seeks an increased market share, especially in the speciality product portfolio.
Failure to reinstate salary even two years after the drastic cuts has landed the airline industry in a massive industrial relation crisis. While employees of Air India had organised a strike back in 2011, it is for the first time that private airlines are facing serious stress related to workers. IndiGo witnessed two of them, back to back. In the first instance, around 50 per cent of the IndiGo flights were delayed as a large number of crew members went on mass sick leave, apparently to participate in a rival airline's walk-in job interview.
According to Sebi's listing obligations and disclosure requirements, a company has to report any fraud, default by promoter or arrest of key managerial persons or promoters as it is a material event.
French dairy major Groupe Danone and Mumbai-based Wadia Group on Tuesday gave the finishing touches to a pact to end their 13-year-old joint venture for running Britannia Industries, India's largest food products firm. With it, they buried their bitter intellectual property disputer over the Tiger brand.
The Wadia group is looking to renegotiate the price of Groupe Danone's stake in Britannia Industries following the market slump and the credit squeeze in the global markets.
Going forward, Vinita Bali, outgoing MD, Britannia wants to do other things in life which she was unable to pursue.
The ongoing tussle between the Mumbai-based Wadia group and European food major Groupe Danone, which was scheduled for a hearing in the Bombay high court on January 10, will now be heard on January 12.
Avesthagen's promoters also refute violation of non-compete clause.
Even as the textile-to-airline Wadia group and French dairy major Groupe Danone try to settle their differences on joint venture agreements, the legal battle between them in the Avesthagen case shows no signs of abating.
Markets regulator Sebi has kept in abeyance the processing of Go Airlines' draft papers for an initial public offer worth Rs 3,600 crore. Go Airlines (India) Ltd, which has announced rebranding itself as 'Go First', filed preliminary papers for an initial share sale worth Rs 3,600 crore in May. The proceeds will be mainly used to repay dues. The "issuance of observations (has been) kept in abeyance", according to Sebi's latest update on processing status of Go Airlines' draft offer documents. The information was updated on June 25. In Sebi parlance, issuance of observations implies its go-ahead for the IPO.
Delhi, Mumbai, Bengaluru, Ahmedabad, Kochi, Patna and Lucknow, among others, are the cities from where flights have been cancelled.
Loans for Indian airlines have dried up as banks have become cautious to lend to the sector.
GoAir has 19 Airbus A320 planes and operates around 140 daily flights.
In a new twist to Preity Zinta-Ness Wadia episode, the Wadia group has filed a police complaint claiming they received threatening calls and a text message from an underworld don warning that their "business will be in trouble" if the actress was harassed.
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