Connect with us

Latest News

Tata wins Air India with ₹18,000 crore bid

Published

on

After a gap of 68 years, debt-laden national carrier Air India returned to its founders Tata Sons, ending a decades-long struggle to offload the money-losing flag carrier. The salt-to-software conglomerate placed a winning bid of 18,000 crores re-acquire the airline more than half a century after it ceded control to the Centre.

Apart from a 100% stake in Air India and its low-cost arm, Air India Express, the winning bid also includes a 50% stake in ground-handling company Air India SATS Airport Services Private Limited (AISATS).

The process of Air India’s sale began in July 2017 and the government has received 7 expressions of interest by December last year, the Finance Ministry’s Department of Investment and Public Asset Management (DIPAM) announced on Friday.

An SPV of Tata Sons said, “the holding company of conglomerate – has emerged as a successful bidder, Tuhin Kanta Pandey, secretary to the DIPAM, the government department responsible for privatisation”

Tata Sons beat SpiceJet promoter to bag Air India. For Tata Group, Air India adds a third airline brand to its stable, considering the conglomerate already holds a majority interest in AirAsia India and Vistara.

The DIPAM secretary said Tatas’ bid of 18,000 crore comprises taking over 15,300 crores of debt and paying the rest in cash. Both bidders had quoted above the reserve price, he said adding the transaction is planned to be closed by December.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

The Election Campaign Of Naresh Mhaske Begins In Navi Mumbai

Published

on

Naresh Mhaske’s election campaign kick-starts.

The Campaign

With the launch of Naresh Mhaske’s campaign in many Navi Mumbai wards, the Mahayuti candidate, electoral fever is spreading throughout the city. Leading the charge alongside him was Navi Mumbai’s BJP District President, Sandeep Naik, who arranged campaign gatherings in the area’s most important wards, Karave, Darave, Seawoods, and Nerul.

In front of an enthusiastic assembly of BJP workers and office bearers, the message was crystal clear: the electorate will support the Modi administration once more. With high hopes, the focus is on winning every seat to open the door for Narendra Modi to serve a third term as prime minister.

Naresh Mhaske enthralled the masses at these pivotal events, calling on them to support Modi’s leadership and deliver landslide victory with overwhelming mandates. Mhaske emphasised the amazing relief efforts undertaken by the BJP amid emergencies such as the COVID-19 epidemic while highlighting the party’s persistent dedication to serving the people.

It was also remarked that MLA Ganesh Naik, who made an astounding 77 trips to the municipal offices during the epidemic, showed strong leadership. In addition, the administration’s prompt actions to guarantee the security of Navi Mumbai residents were applauded, in addition to the city’s recognition as a hygienic, livable, and water-rich city.

When one considered the advancements in development made during the last ten years under Modi’s direction, the feeling was that all facets of society had benefited. The Mahayuti alliance is expected to win big in Navi Mumbai thanks to the unwavering efforts of BJP members who have been strengthening the party’s organizational base since 2019.

The allied Shiv Sena in Mahayuti has been handed the Thane Lok Sabha seat in a calculated move. District President Naik mobilized support by comparing Naresh Mhaske to MLA Ganesh Naik and Narendra Modi, and asking everyone to focus their energies on making sure he wins.

Continue Reading

Latest News

Anger Rises Over The Disposal Of Debris At The Iconic Jewels Of Navi Mumbai

Published

on

The disposal of debris at the iconic jewels of Navi Mumbai has outraged environmentalists.

The Issue

Environmentalists are outraged by the continued dumping of rubbish at Navi Mumbai’s famed Jewel. Concerns have been raised over the potential environmental impact of the dumping, which was purportedly done by a contractor employed by the Navi Mumbai Municipal Corporation (NMMC), on the waterbody’s rehabilitation initiatives.

The leader of the Environment Life Foundation and frequent visitor to the region, Dharmesh Barai, stressed the need to exercise prudence while doing the rejuvenation work. He voiced concerns about the interconnecting holding ponds and emphasized how important they are to preserving the mangrove environment in the area. Barai asked contractors and city engineers to give environmental protection top priority during desilting.

Founder of the group Save Navi Mumbai Environment, Sunil Agrawal expressed disapproval of the ongoing dumping of rubbish and warned of the negative impact on the lake’s capacity to contain water. Despite being an intertidal water body, Agarwal questioned why the Jewel of Navi Mumbai was being treated like a holding pond. He expressed worries about how restoration efforts will affect migratory birds’ habitat, especially flamingos, whose population has significantly increased recently.

Agarwal highlighted the need of preserving animal habitats in the face of development initiatives by citing the recent deaths of 13 flamingos at DPS Lake as a result of habitat degradation.

Continue Reading

Latest News

Workers And Office Bearers Of Mahayuti Pledge Support For Prime Minister Modi’s Third Term

Published

on

Mahayuti pledge support to bring back PM Modi’s term for the third time.

The Election

A combined gathering of all Mahayuti office bearers and workers in the Thane Lok Sabha Constituency was called at MLA Manda Mhatre’s Navi Mumbai home in an attempt to organize support for the impending elections.

Speaking to the guests at the event, Vijay Nahata gave a rallying cry that urged each employee to interact with residents at their doorstep. Nahata emphasized the significance of the next elections and the need to guarantee the Mahayuti candidate’s success in order to clear the path for Prime Minister Narendra Modi’s third term in power. He called on everyone in attendance to give their all to the cause and put in endless effort to ensure that Mahayuti’s nominee, Naresh Mhaske, succeeds.

MLA Manda Mhatre echoed the views expressed by Nahata, stressing the need to maintain Prime Minister Modi’s leadership for the country’s ongoing development. MLA Manda Mhatre underlined the importance of Mahayuti’s candidate winning handily, saying that a solid mandate will reaffirm Modi’s leadership and open the door for all-encompassing development in the area.

She also encouraged the participants to work toward reaching the 400-point mark and guaranteeing Naresh Mhaske’s resounding win. She underlined that the victory of Mahayuti’s candidacy was critical for the constituency as well as for Prime Minister Modi’s ability to influence the course of the country going forward.

Deputy Leader of the Shiv Sena Vijay Nahata, Saroj Patil, Rohidas Patil, Vijay Mane, Dilip Ghodekar, Vijay Ghate, and Jayaji Nath were among the notable individuals who attended the meeting. There was a strong vow of support and commitment from everyone in attendance.

Continue Reading

Trending