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Govt to go ahead with Air India strategic divestment
Posted on 9th January 2018
NEW DELHI: The government will push ahead with the stake sale in Air India and hopes to wrap up the transaction by June, according to government sources.

The Union Cabinet gave an in-principle approval for Air India's strategic disinvestment in June last year and a panel of ministers headed by FM Arun Jaitley is now devising the strategy for executing the sale. Tata Group, which runs two JV airlines in India, IndiGo and Jet Airways are among the Indian carriers who may bid for Air India. Some foreign airlines have also expressed interest informally.

"Transaction advisers have been appointed. We will complete the process by June," said an official, who did not wish to be identified. The latest comments come against the backdrop of a move by a Parliamentary panel, which is likely to recommend that Air India be given five years to revive and its debt be written off.

The Parliamentary Standing Committee on transport, tourism and culture has concluded that the government should review its decision to privatise or disinvest Air India and explore the possibility of "an alternative to disinvestment of our national carrier which is our national pride", a news agency has reported. Disinvestment of Air India gathered pace after the NITI Aayog recommended up to 100% stake sale, along with writing off its debt. PM Narendra Modi is keen to ensure a strategic disinvestment in the loss-making airline.

The government is weighing several options to deal with the large debt pile of the airline. The NITI Aayog, in its recommendations, had detailed a road map for Air India's stake sale, which includes writing off loans to the tune of Rs 30,000 crore.

AI has debt of around Rs 60,000 crore, which includes around Rs 21,000 crore of aircraft-related loan and around Rs 8,000 crore working capital loan, according to estimates.

Related Companies: Air India   

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Posted on 22nd March 2018
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While Flipkart leads in fashion and smartphones, Amazon has taken lead in categories such as appliances, consumer electronics, and more importantly, groceries, which builds platform stickiness, said Satish Meena, a senior forecast analyst at Forrester.

Air India may give promotions to 100 pilots with pay hike of up to Rs 12 lakh: Report
Posted on 22nd March 2018
Amidst the privatisation talks, it has been reported that the national carrier Air India might gove promotion to its 100 pilots with a pay hike of Rs 12 lakh per head.

"The 100 deputy general manager rank pilots are narrow-body and widebody pilots. These pilots are likely to be promoted to executive despite the fact that the airline is being privatised," a source told the Economic Times.

Opening bell: Sensex opens stronger after fed rates hike
Posted on 22nd March 2018
Key indices on Thursday gained strength after the federal reserve hiked rates as widely expected.

The 30-share BSE Sensex was up 138.34 points at 33,274.52 and the 50-share NSE Nifty rose 49.40 points to 10,204.70.

Sebi may impose trading curbs on cos undergoing insolvency proceedings
Posted on 22nd March 2018
The Securities and Exchange Board of India (Sebi) may impose trading restrictions on shares of companies that are undergoing insolvency proceedings. The move, which is also a demand by industry players, is aimed at reducing volatility in stock prices and curbing manipulation or misuse of price-sensitive information.

Sources said the market regulator would lay down a compliance framework for listed companies undergoing insolvency resolution. The announcement will likely be made at Sebi’s board meeting next week.

Essar Steel set for rebid as lenders reject Arcelor, Numetal offers
Posted on 22nd March 2018
The State Bank of India-led consortium of lenders called for a second round of bidding for Essar Steel on Wednesday. All the six companies that had submitted expressions of interest (EoIs) earlier have to submit their bids by April 2.

Lenders rejected bids by Numetal and ArcelorMittal after both companies failed the legal eligibility test. The legal advisors cited one of the clauses of Section 29A of the Insolvency and Bankruptcy Code (IBC) for rejecting the bids.

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