Chandrasekaran, the chairman of Tata Sons, was appointed chairman of Air India on Monday. The news comes just a month after Mehmet Ilker Ayci, the former chairman of Turkish Airlines, declined an offer to lead Air India as managing director and CEO. In October of last year, the $103 billion conglomerate won a bid to buy Air India for Rs 18,000 crore. It is expected to hire a new CEO... Read More
Ilker Ayci, the former Chairman of Turkish Airlines' Board of Directors, has turned down Air India's CEO offer. In a statement, Ayic said that the Indian media had 'coloured' his appointment, claiming this as the cause for his decision to withdraw. "I have come to the conclusion that accepting the post in the shadow of such a story would not be a practical or honourable option," Ayci stated in the... Read More
In response to the bids invited from Air India's existing lenders for a one-year general purpose loan of Rs 23,000 crore, Tata Sons' Talace has received offers extending more than Rs 35,000 crore. The lenders are reportedly ready to provide the loan at a rate of 4.25%. Talace's bid of Rs 23,000 crores includes Rs 18,000 crore for taking over the airline's debt, and an additional Rs 5,000 crore for... Read More
Air India’s sale to the Indian conglomerate, Tata Sons has been completed. The government has signed the share purchase agreement with Tata Sons for divesting the national carrier. This is the first time a privatisation event has occurred in nearly two decades. According to a PTI report, on Monday, the government completed the sale of Air India to Tata Sons after signing the share purchase agreement. “Share purchase agreement signed... Read More
It was being said that Air India’s bid has been successfully won by Tata Sons. It wasn’t surprising at all. As per Bloomberg, Tata Sons had won the bid for Air India but the official announcement from the government denies that. It was reported earlier that Tata Sons had put a higher bid than its competitor SpiceJet to claim the airline. Tata Sons had a big interest in the airline... Read More
Air India, the debt-laden flag carrier, is about to be sold to a private company. Air India has been very difficult for the government to sell. Only two bidders, including Tata Sons and SpiceJet, have shown interest in buying the company. Now, according to an ET report, the government on Wednesday decided on the minimum reserve price for the national carrier. Further, the government met both the bidders to discuss... Read More
Tata Sons, a holding company of the Tata group, might bid for the national carrier, Air India. The debt-laden airline’s bidding had to be postponed by the government of India four times earlier this year because of the global pandemic. But now, Tata Sons, the majority stake owner of Vistara along with Singapore Airlines (SIA) is all set to make the bid for Air India. But there’s just one problem.... Read More
AirAsia India initiated its operations in the country back in 2014. After years of providing services, the airline remains unprofitable. AirAsia India is a joint venture between Tata Sons and AirAsia Malaysia. Tata Sons is the majority stakeholder in the airline owning 51% of the company and AirAsia group owns the rest 49%. Due to it being non-profitable for very long, AirAsia Malaysia has become reluctant to inject any more... Read More
AirAsia India has been a jointly owned entity between Tata Sons of India, and the Malaysian carrier AirAsia Berhad. However, now it seems, given the new developments, Tata Sons might control all the core operations of the airline including commercial, finance, training and operations. It is worth noting that Tata Sons holds 51% stake in the carrier, whereas, the AirAsia Berhad entity holds the rest of the 49% of the... Read More
Yesterday we reported that Tata Sons may completely buyout the AirAsia Group Berhad. But it looks like that is not going to happen after all. According to some reports, Tata Sons is planning to exit from the group. As of now, the Indian conglomerate owns 51% of the AirAsia Group Berhad. AirAsia has had to go through a series of losses. Its financial reports are nothing but a nightmare for... Read More
AirAsia’s future does not look good at the moment. Ernst and Young noted that the airline already had a loss of $282 million with current liabilities exceeding its current assets by $430 million for the FY 2019-20. Bad thing for the airline is this financial report is from before the coronavirus impact. Ernst and Young have shown concerns about the continuity of the airline. On Monday, AirAsia had reported a... Read More
While Tata Sons might seem like a fit entity who could invest in Air India and participate in the stake sale for the national carrier, there are a few hurdled that the company might face. Tata Sons already owns a majority stake in Vistara. However, the company had signed a Memorandum of Understanding (MoU) with AirAsia Berhad for AirAsia India in partnership with Telestra Tradeplace which had a non-compete clause.... Read More
Since the Tata Group acquired Air India, rumours have circulated that the country's oldest multinational company may merge the debt-ridden carrier with Vistara. In 2013, Tata Sons, the Tata Group's main holding company, formed Vistara as a joint venture with Singapore Airlines (SIA). However, the airline began service on January 9, 2015. The joint venture is 51% owned by the Tata Group. The Tata Group, on the other hand, gained... Read More
Air India, which is owned by the Tata Group, is now experiencing its first labour unrest. On Tuesday, over 1,700 aeroplane maintenance workers who work for a government-owned engineering firm that handles the airline's maintenance and repair works embarked on an indefinite 'tools down agitation.' Pay raises, employment contract renewal, and the addition of a dearness allowance are among their requests. According to a Times of India report, the movement... Read More
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