Air India comes back home to Tatas - after seven decades |
After sucking the poor people's blood for over 70 years, the fat Air
India has returned to its ancestral hangar. The Tatas have won the
privatisation bid!
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NEW DELHI, Oct 8: The State-run Air India airline, neck-deep in debt, debts
incurred to provide for the luxury of its overstaffed employees, has been sold
back to the Tata Sons, the original owners from whom it was seized by an overenthusiastic breed of the first-Indian ruling clique in the name of nationalisation for the sake of the poor, who have grown into a staggering number of 80 crores vulnerable
for free food from the State today to keep the wolf from the door, and death.
Tata Sons got the bid for Rs 18,000 cr, Rs 2,900 cr more than what a consortium
led by Spice Jet's Ajay Singh could offer. The reserve price was Rs 12,906 cr.
The airline had incurred a debt of Rs 60,000 cr and the everyday loss was Rs
20 cr. The Tatas will take the burden of debt. However, the airline's assets
like buildings and land will go to the Government in the deal. These are estimated
at Rs 14,718 cr. The holding comapany AIAHL will handle these.
Tata is acquiring the entire company including wholly-owned subsidiary Air
India Express, and 50% stake in Air India SATS. The employees will be given
voluntary retirement.
Consequent to the acquisition, the Tatas will own a 100% stake in Air India
(a full-service airline operating in domestic and international markets) as
also 100% in its subsidiary Air India Express (a low-cost carrier airline that
focusses on short-haul international operations especially in the Middle East
market) and 50% in the joint venture Air India SATS (airport services on ground
and cargo handling). The total permanent and contractual employee strength of
Air India & AIXL is 13,500, the company said. N Chandrasekaran, chairman,
Tata Sons Pvt Ltd, said, “At the Tata group, we are delighted to be declared
as the winner of the bid for AIR INDIA. This is a historic moment, and it will
be a rare privilege for our group to own and operate the country’s flag bearer
airline. It will be our endeavour to build a world-class airline that makes
every Indian proud. On this occasion, I would like to pay tribute to JRD Tata,
pioneer of Indian aviation, whose memory we cherish.”
The Tatas will get ownership of iconic brands like Air India, Indian Airlines
& the Maharajah. Air India has a fleet of 117 wide-body and narrow-body aircraft
and AIXL has a fleet of 24 narrow-body aircraft. A significant number of these
aircraft are owned by Air India.
Air India provides a unique and attractive international footprint. More than
2/3rd of Air India’s consolidated revenues come from the international market.
It is the number one player from India in the international market having a
strong footprint across geographies like North America, Europe, and the Middle
East with attractive slots & bilateral rights. The Air India frequent flyer
program has more than 3 million members.
About Talace Private Limited
Talace Pvt Ltd is a wholly-owned subsidiary of Tata Sons Pvt Ltd.
About the Tata group
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered
in India, comprising 30 companies across ten verticals. The group operates in
more than 100 countries across six continents, with a mission 'To improve the
quality of life of the communities we serve globally, through long- term stakeholder
value creation based on Leadership with Trust’.
Tata Sons is the principal investment holding company and promoter of Tata
companies. Sixty-six percent of the equity share capital of Tata Sons is held
by philanthropic trusts, which support education, health, livelihood generation,
and art and culture.
In 2020-21, the revenue of Tata companies, taken together, was $103 billion
(INR 7.7 trillion). These companies collectively employ over 800,000 people.
Each Tata company or enterprise operates independently under the guidance and
supervision of its own board of directors. There are 29 publicly-listed Tata
enterprises with a combined market capitalisation of $242 billion (INR 17.8
trillion) as on March 31, 2021. Companies include Tata Consultancy Services,
Tata Motors, Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata
Capital, Tata Power, Tata Advanced Systems, Indian Hotels and Tata Communications.
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SELECTIONS FROM OUR ARCHIVES |
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The incident has triggered a debate on social media whether the officer refused to take orders from a party leader or he was accused of any corruption, some netizens justifying the handling in either case, that Ratnakar was blocking public welfare work! It is true the Govt machinery has been the enemy Number One of the people of this country, existing for itself and for these politicians, for well over seven decades. India will never make an inch of progress - real progress, not make-believe-progress - unless and until this machinery is eliminated.
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(Today's headlines )
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Ailing Asiatic lion Pataudi too dies of bird flu at Kanpur zoo
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48 tourist destinations closed in Kashmir following Pahalgam terror attack
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Trump slaps ‘kind’, ‘reciprocal’ tariffs on trading partners; a 'lenient' 26% on India!
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What motivated Trump's newfound policy, apart from being a stunt to justify his existence in the White House, is a false realisation that increased tariff will make foreign goods prohibitive, thereby boosting local production, and create more jobs, and more prosperity will ring in! If that is true, India would have been shining by now: Producing own Rolls-Royce La Rose Noire Droptail and Scotch Whiskies! And what about coconut and palm oil by America!
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All 80k health workers in US offered $25,000 voluntary buyout: Administering wrong prescriptions!
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