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<keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword> has put together a "huge financing deal" related to its new fleet in a remarkably quick time, according to its chief <keyword id="5863894" type="General" weightage="50" keywordseo="campbell-wilson" source="Orion">Campbell Wilson</keyword>. On February 14, Air India announced a historic order for buying 470 aircraft, including 250 from Airbus and 220 from <keyword id="6357957" type="General" weightage="80" keywordseo="boeing" source="Orion">Boeing</keyword>. Besides, there is an option to buy another 370 planes from the two plane makers. It was also the first time in more than 17 years that Air India, which was taken over by <keyword id="6355725" type="General" weightage="50" keywordseo="tata-group" source="Orion">Tata Group</keyword> from the government in January last year, placed orders for new planes. In his weekly message to the staff on Friday, Wilson said he wants to commend "the commercial, strategic procurement, finance, treasury and legal teams for successfully putting together a huge financing deal related to our new fleet in remarkably quick time...it was another historic achievement for the new Air India". Specific details could not be immediately ascertained. Wilson, in an interview with PTI last month, said that a lot of money is being invested in the airline. "<keyword id="10439307" type="General" weightage="50" keywordseo="tata-group-air-india" source="Orion">Tata Group Air India</keyword> has invested at a list price of USD 70 billion for the 470 aircraft. That is with the explicit purpose of providing more services, especially international connectivity. We ultimately do that for many reasons and one reason is that we get economic returns from that investment. "I think, if the traffic is siphoned off throughout the places, just makes it more and more difficult for us to have non-stop services and ultimately, customer loses as they will not have any option of non-stop service," he had said. The response was to a query related to bilateral flying rights. The order for 470 planes comprises 40 Airbus A350s, 20 Boeing 787s and 10 Boeing 777-9s wide-body aircraft as well as 210 Airbus A320/321 Neos and 190 Boeing 737 MAX single-aisle aircraft. In the message, Wilson -- CEO and Managing Director -- also mentioned the diversion of the AI 173 Mumbai-San Francisco flight this week and about the handling of the situation. He said it was a "team Air India effort". "From the affected crew and onboard staff helping stranded customers on the ground, to the engineering, flight ops, inflight services, insurance and other folk preparing and operating the relief flight. "From our customer service and communications teams assisting customers and engaging media, to our government and regulatory teams keeping their counterparts informed, and everyone else who played a role," he said. On June 6, AI 173 operating from Delhi to San Francisco carrying 216 passengers and 16 crew on board was diverted to the Magadan port city in far east Russia following a mid-air glitch in one of the Boeing 777-200LR aircraft engines. All were stranded in the port city for two days and the replacement aircraft ferried them to San Francisco on June 8. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/marine-species-including-whales-and-dolphins-under-significant-threat-from-noise-pollution/articleshow/100877522.cms">Marine species including whales and dolphins under significant threat from noise pollution</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/the-worlds-oceans-last-month-were-warmer-than-any-other-may-since-the-beginning-of-the-19th-century/articleshow/100875382.cms">The world's oceans last month were warmer than any other May since the beginning of the 19th century</a>

Air India puts together 'huge financing deal' for new fleet: CEO

<keyword id="8555" type="General" weightage="20" keywordseo="tata" source="Orion">Tata</keyword> Group’s takeover of loss-making national carrier <keyword id="2573" type="General" weightage="20" keywordseo="air-india" source="Orion">Air India</keyword> is most likely delayed by a month till January as the completion of procedures taking longer than expected, an official said on Monday. In October, the government accepted the highest bid made by a Tata Sons company for 100 per cent equity shares of Air India and Air India Express along with its 50 per cent stake in ground-handling company AISATS — the first privatisation in 20 years. At that time, the government had stated that it wanted to complete the transactions, which included Tatas paying Rs 2,700 crore in cash, by December end. As per the conditions in SPA, all formalities of handover would have to be completed within 8 weeks, but this date can be mutually extended by the buyer and seller and is being done in this case. However, some regulatory approvals are yet to come in for the handover, and certain formalities are yet to be completed, the official, who wished not to be named, told PTI. “The process would be completed by January,” he said without giving a specific date. On October 25, the government had signed the share purchase agreement with Tata Sons for the sale of national carrier Air India for Rs 18,000 crore. Tata’s would pay Rs 2,700 crore cash and takeover Rs 15,300 crore of the airline’s debt. The cash component would come once the handover process is completed, another official explained. Tatas beat the Rs 15,100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12,906 crore set by the government for the sale of its 100 per cent stake in the loss-making carrier. As of August 31, Air India had a total debt of Rs 61,562 crore. 75 per cent of this debt or Rs 46,262 crore will be transferred to a special purpose vehicle AIAHL before handing over the loss-making airline to Tata Group. Tatas will not get to retain non-core assets, such as the Vasant Vihar Housing colony of Air India, Air India Building at Nariman Point, Mumbai, and Air India Building in New Delhi. Of the 141 Air India aircraft that Tatas will get, 42 are leased planes, while the remaining 99 are owned. While this will be the first privatisation since 2003-04, Air India will be the third airline brand in the Tatas’ stable – it holds a majority interest in AirAsia India and Vistara, a joint venture with Singapore Airlines Ltd. Tata’s acquisition of Air India will give it access to a fleet of 117 wide-body and narrow-body aircraft, and Air India Express Ltd another 24 narrow-body aircraft besides control of 4,400 domestic and 1,800 international landing, and parking slots at domestic airports. Air India started suffering losses every year since its merger with Indian Airlines in 2007-08. A Turnaround Plan (TAP) and a Financial Restructuring Plan (FRP) were approved for Air India by the previous UPA regime in 2012. However, the TAP did not work out, and Air India continued to reel under losses, with the government giving Rs 20 crore per day to keep the airline afloat. Over the last decade, more than Rs 1.10 lakh crore was infused by way of cash support and loan guarantees in the loss-making airline to keep it afloat. SEE ALSO <a href="https://www.businessinsider.in/finance/banks/news/rbl-bank-depositors-need-not-worry-assures-rbi/articleshow/88520325.cms">RBL Bank depositors need not worry, assures RBI</a> <a href="https://www.businessinsider.in/tech/news/apple-reportedly-hires-metas-communications-lead-for-its-augmented-reality-products/articleshow/88516091.cms">Apple reportedly hires Meta's AR communications lead for marketing of its unannounced AR/VR headset</a> <a href="https://www.businessinsider.in/stock-market/news/rbl-bank-slumps-15-after-ceo-goes-on-leave-big-investors-are-eyeing-a-piece-of-the-pie/articleshow/88515146.cms">RBL Bank slumps 20% after CEO goes on leave</a>

Air India handover to Tata Group delayed further

<keyword id="6355725" type="General" weightage="20" keywordseo="tata-group" source="Orion">Tata group</keyword>'s <keyword id="7902688" type="General" weightage="20" keywordseo="air-india-plans" source="Orion">Air India plans</keyword> to expand its fleet in a couple of year's time. The proposed new aluminium birds will be a mix of narrow and wide bodied from the two manufacturers, Airbus and Boeing, media reports said. Currently, <keyword id="2573" type="General" weightage="20" keywordseo="air-india" source="Orion">Air India</keyword>'s fleet is a mix of Boeing (777-200LR, 777-300ER and 787-800 Dreamliner) and Airbus (319, 320, 320Neo and 321) aircraft numbering 113 operating flights. It will be interesting to see how the Tata Group finances the fleet expansion. It is also said that Air India has asked its pilots if they want to get trained in <keyword id="14243855" type="General" weightage="20" keywordseo="flying-a350" source="Orion">flying A350</keyword>, which means the airline plans to induct the same in its fleet for long haul flights. However, Air India officials were not available to comment. The Tata Group acquired Air India from the Indian government last year. The group already has Vistara and Air Asia under its fold. SEE ALSO: <a href="https://www.businessinsider.in/business/news/after-cooking-oil-prices-drop-soaps-noodles-and-detergents-might-follow-suit/articleshow/92336485.cms">Cooking oil prices drop - soaps, noodles and detergents might follow suit</a> <a href="https://www.businessinsider.in/science/health/news/indians-found-inner-peace-during-the-pandemic-but-now-they-seek-less-of-it/articleshow/92336707.cms">Indians found inner peace during the pandemic but now, they seek less of it</a> <a href="https://www.businessinsider.in/thelife/article/yoga-day-messages-and-quotes/articleshow/92339874.cms">Yoga Day 2022 Messages and Quotes</a>

Tata Group to expand the fleet of Air India in two years

In what is seen as a major standdown, the pilots' union of <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword> has withdrawn its opposition to the new wage pact and employment agreement. In a joint letter issued on Thursday, the Indian Pilots' Guild (<keyword id="179256" type="General" weightage="50" keywordseo="ipg" source="Orion">IPG</keyword>) and Indian Commercial Pilots' Association (ICPA) withdrew their stand and told their members that they are free to sign new wage contracts offered by the new <keyword id="6355725" type="General" weightage="50" keywordseo="tata-group" source="Orion">Tata group</keyword> management of Air India. "As dedicated <keyword id="4746568" type="General" weightage="50" keywordseo="air-indians" source="Orion">Air Indians</keyword>, we believe it is crucial to express our readiness to settle the dispute at hand and find an amicable resolution for the benefit of both parties," the IPG and ICPA said in a joint letter to their members. The letter further read, "Over the past year, our attempts to reach a resolution have been hindered by a lack of cooperation from the management. Their unwillingness to address our concerns and apathetic attitude has resulted in a prolonged stalemate and escalating tensions." "Upon the assurances given in the online 'Townhall Meeting for Pilots' and in the interest of the aspirations of Air India, The <keyword id="8555" type="General" weightage="50" keywordseo="tata" source="Orion">Tata</keyword> Group and our passengers, the Joint Directive No.01 of 2023, Sub: Unilateral Changes in Policies stands withdrawn," the letter titled as 'Withdrawn of Joint Directive Np01 of 2023', added. The announcement came after a joint meeting held on Thursday, wherein the unions' members were told that they are free to sign the new wage contract. Last month, the Tata Group-owned airline announced a new salary structure for pilots and cabin crew but the staff was disappointed with the revisions. Their main grouse was about promoting captains with more than four years of experience in management. In a communication to all employees including pilots and crew members in April this year, Air India management had said that they announced the revision of their employment contracts and revised compensation for flying staff. "I am reaching directly to our flying staff through this platform as currently there is no recognized union at Air India. This is within the framework of law," said Air India Chief Human Resource Officer Suresh Tripathi, had said in a video message. The airline had said that the contract sent is a compilation of applicable policies and existing rules. Wherever there are differences, their changes are introduced to have a performance and merit-based culture as would be the ask of any world-class and professionally run airline. In the last one year, they have been hearing all the concerns of their flying community through various forums and constant communication, the Air India management said. "Guaranteed flying allowance has moved upwards from existing 20 hours to fixed 40 hours. With our ambitious growth and large aircraft order, we as an organisation are confident to provide you more and more opportunities for flying. The fact remains that at 70 hours of flying, income across the board has increased. We are a productivity-oriented organisation, and anyone who is ready to contribute will grow and prosper," the airline had said. "Our Trainers who would be investing more time in training as we ramp up, have been given a significant increase in pay in the form of both fixed and variable. There is more than 40 per cent increase in the allowance for trainers," it added. Air India said flying allowance rates are one of the highest in the Indian industry, with even higher amounts beyond 40 hours. There used to be a difference in flying rates in the same pilot rank which has been done away with to promote fairness. They have introduced additional compensation during training of command upgrade and conversion training which was not existing earlier. There was not any service reward existing to recognise the contribution of experienced staff. A fixed amount has been added to salaries. "These are all changes we have introduced for the better and to become market competitive, which was a key ask. We have also introduced best-in-class employee insurance and other benefits which were not existing earlier at Air India to support the welfare of our flying staff," the airline's management had said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations/articleshow/100164083.cms">Adani-Hindenburg row: Mauritian minister rejects shell company allegations</a> <a href="https://www.businessinsider.in/entertainment/news/ipl-2023-scores-over-1300-crore-video-views-on-jiocinema-in-the-first-five-weeks/articleshow/100155165.cms">IPL 2023 scores over 1,300 crore video views on JioCinema in the first five weeks</a> <a href="https://www.businessinsider.in/investment/news/investment-supertrends-2023-ai-to-digitalisation-and-green-energy/articleshow/100126382.cms">AI to digitalisation and green energy: Supertrends defining investment for today and the future</a>

Air India pilots' union withdraws opposition to new wage agreement

<ul><li><keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword> Chairman N Chandrasekaran said he will get his team to evaluate a bid for <keyword id="2573" type="CITY" weightage="20" keywordseo="Air-India">Air India</keyword>. </li><li>The once-Tata owned Air India today has a massive debt of ₹58,351 crore. </li><li>Meanwhile, both of Tata’s current airlines – <keyword id="2467342" type="PERSON" weightage="20" keywordseo="Vistara">Vistara</keyword> and AirAsia – reported losses for FY19. </li></ul>One of India’s biggest business conglomerate Tata Group might consider bidding for the struggling Air India. In an <a href="https://timesofindia.indiatimes.com/business/india-business/will-ask-my-team-to-look-at-bidding-for-ai-tata-group-chief/articleshow/71883484.cms">interview with TOI</a>, Tata Group Chairman N Chandrasekaran said that he will get his team to look into the matter. “Ideally it should be a Vistara decision, not a Tata Sons decision. I’m not going to run a third airline (in addition to Vistara and AirAsia) unless we merge. There are issues. I will never say yes or no. I don’t know,” he told TOI. Interestingly, Air India was run by the Tata Group before the Indian government acquired a 49% stake in the airline in 1948. Tata Group to bid on Air India would expand its exposure to the airline industry. Two of its own airlines – Vistara and AirAsia are running in losses. In the financial year ending March 2019, Vistara’s<a href="https://www.business-standard.com/article/companies/vistara-loss-doubles-to-rs-831-crore-amid-tough-operating-environment-119081401877_1.html"> losses</a> doubled to ₹831 crore. Vistara is a joint venture between the Tata group and Singapore Airlines. Meanwhile, <keyword id="86568" type="COMPANY" weightage="20" keywordseo="Air-Asia">Air Asia</keyword> too is struggling to keep up. Its <a href="https://www.financialexpress.com/industry/air-asia-india-losses-rise-five-fold-in-fy19/1719013/">losses</a> amounted to ₹670 crore, almost five times over its losses in the previous year of ₹125 crore. Tata Group runs AirAsia India in a joint venture with Malaysia-based AirAsia Berhad. For FY19, Air India too posted a massive <a href="https://m.economictimes.com/industry/transportation/airlines-/-aviation/air-india-posts-rs-4600-cr-operating-loss-in-2018-19-aims-operating-profit-this-fiscal/articleshow/71136113.cms">operating loss</a> of ₹4,600 crore, while its net loss stood at ₹8,400 crore. Air India, which has been struggling to find a bidder after the government said that it plans to sell 100% stake in it. It has a massive debt of ₹58,351 crore and recently state-owned oil companies <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/pay-monthly-or-will-cut-fuel-supply-at-6-airports-from-oct-18-oil-companies-to-air-india/articleshow/71525811.cms?from=mdr">sent a letter</a> asking them to pay up dues or they will stop supplying aviation turbine fuel (ATF).

Tatas may look at bidding for Air India even as its two airlines strap on losses

<ul><li><keyword id="2467342" type="General" weightage="50" keywordseo="vistara" source="Orion">Vistara</keyword> to merge with <keyword id="8555" type="General" weightage="80" keywordseo="tata" source="Orion">Tata</keyword> group-owned <keyword id="2573" type="General" weightage="100" keywordseo="air-india" source="Orion">Air India</keyword>.</li><li>Tata group owns a 51 per cent stake in Vistara while <keyword id="6368386" type="General" weightage="80" keywordseo="singapore-airlines" source="Orion">Singapore Airlines</keyword> owns the remaining 49 per cent.</li><li>Singapore Airlines will also invest ₹2,058.5 crores in Air India giving it a 25.1 per cent stake in the Air India group.</li></ul>Singapore Airlines on Tuesday said Vistara will be merged with Tata group-owned Air India. Tata group owns a 51 per cent stake in Vistara, and the remaining 49 per cent shareholding is with Singapore Airlines (<keyword id="6359180" type="General" weightage="80" keywordseo="sia" source="Orion">SIA</keyword>). As part of the transaction, SIA will also invest ₹2,058.5 crores in Air India. "This would give SIA a 25.1 per cent stake in an enlarged Air India group with a significant presence in all key market segments. SIA and Tata aim to complete the merger by March 2024, subject to regulatory approvals," SIA said in a release. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/mixed-demand-trends-for-autos-in-november-as-festive-boost-wears-off-but-signs-of-rural-recovery-visible/articleshow/95848505.cms">Mixed demand trends for autos in November as festive boost wears off but signs of rural recovery visible</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/icici-bank-launches-digital-lending-solution-ilens-powered-by-tcs/articleshow/95849140.cms">ICICI Bank launches digital lending solution iLens, powered by TCS</a>

Vistara will merge with Tata group-owned Air India: Singapore Airlines

Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

Greater Noida, Feb 5 () Tata Sons Chairman N Chandrasekaran said on Wednesday it is "too early" to take a call on Air India, in which the government has decided to sell its entire 100 per cent stake. "It is too early..." Chandrasekaran told when asked if Tata Group would be putting bid for the Air India stake purchase at the Auto Expo here. The comments came in the wake of reports in a section of media saying that Tatas appear to be moving closer to a decision to bid for Air India in partnership with Singapore Airlines. The Tata group has already started working on the structure for such buyout, including a merger of AirAsia India, in which they hold 51 per cent in Air India Express, a 100 per cent subsidiary of the government-owned national carrier. The Central government last month issued a preliminary information memorandum (PIM), initiating the process to divest its entire stake in the national air carrier. IAS RKL MSS HRS

You Searched For "tata group air india" and got 8 results

Air India puts together 'huge financing deal' for new fleet: CEO

PTI

Air India handover to Tata Group delayed further

PTI

Tata Group to expand the fleet of Air India in two years

IANS

Air India pilots' union withdraws opposition to new wage agreement

ANI

Tatas may look at bidding for Air India even as its two airlines strap on losses

Sanchita Dash

Vistara will merge with Tata group-owned Air India: Singapore Airlines

PTI

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

PTI

It's too early to take a call on Air India: Tata Sons chief

PTI

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