Air India seeks Rs 1,100 cr loan to modify planes for VVIPs

Agencies
December 10, 2017

New Delhi, Dec 10: Disinvestment-bound Air India is seeking loan worth over Rs 1,100 crore for modification of two Boeing aircraft scheduled to be acquired next month for ferrying VVIPs, according to an official document.

The two Boeing 777-300 ER aircraft are to be delivered in January 2018 and the cost for "modification in its (planes) interior configuration" is estimated to be USD 180 million. At current exchange rates, the amount will translate to over Rs 1,160 crore.

These planes will be used to ferry the President, Vice President and Prime Minister.

In a tender document, the national carrier said it would like to avail a bridge loan of up to USD 180 million to finance the cost of modification.

"Government of India has indicated that they would issue its guarantee for the financing cost of modification of the two B777-300 ER aircraft for a period of 12 months or less," the document issued last week said.

These planes will undergo re-configuration.

The proposed loan amount will be availed during the period from January to April 2018. The first instalment of USD 135 million would be taken next month, while the remaining amount will be borrowed in a quantum of USD 15 million each in February, March and April, respectively.

Last month, an Air India official had said after required modifications, the two planes will join the fleet used to carry the President, the Vice President and the Prime Minister.

According to the airline, no commitment fee would be paid to the lender for the USD 180 million loans. "Prepayment/ short closure of the loan should be allowed without any extra cost to Air India as the loan would be repaid as soon as the funds are made available by Government of India," it added.

"The Indian Income Tax Act imposes withholding tax on interest payments to lenders outside India. The rate of withholding tax on interest payments will be considered in the financial evaluation of the offers to determine the all-in cost of your offer," the document said.

Last month, Air India had sought a loan to the tune of USD 535 million to finance the acquisition of three Boeing planes, including the two aircraft to be used for ferrying VVIPs. At that time, the amount was around Rs 3,460 crore.

Air India has a debt burden of more than Rs 50,000 crore and these loans would further increase the debt level.

In 2006, Air India placed orders with Boeing for 68 aircraft 27 Dreamliners, 15 B777-300 ERs, eight B777-200 LRs and 18 B737-800s. Of these, the state-run carrier has already taken the delivery of 65 planes. At present, the flagship airline has a fleet of 115 aircraft.

The government is in the process of finalising the modalities for the strategic disinvestment of debt-laden Air India as part of efforts to revive the carrier.

Comments

Wellwisher
 - 
Monday, 11 Dec 2017

What is the meaning of VVIP.  Passengers who lost their life during air india express crash landung due to arrogant pilots error not respected or they compensated per Montreal law  no they want to arrange special arrangements for very very illegal persons. Over all in India there is no value for common man. All benifits and facility''s  only for giant Wales and politicians. For common man only one facility by the present govt to fight with name of caste. We the people doing the same fighting with fellow INDIAN.

 

Jai Hind!

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Agencies
January 23,2020

Jammu, Jan 23: The National Investigation Agency (NIA) has brought the disgraced Deputy Superintendent of Police (DSP) Davinder Singh to Jammu for investigations.

According to sources, Davinder Singh has been brought on a transit remand. A formal remand from the NIA court for interrogation will be taken on Thursday.

On Wednesday, fresh raids were carried out by the NIA at Singh's residences in Srinagar.

Singh was caught while transporting two militants, Naveed Babu and Rafi Ahmed, and a lawyer Irfan Ahmed in a vehicle to Jammu on January 11.

According to sources the two militants and the lawyer had plans to travel to Pakistan after reaching Jammu.

The case was transferred to the NIA after initial investigation by the Jammu and Kashmir Police.

Singh has been dismissed from the service and the Jammu and Kashmir administration on Monday forfeited the commendation medal and certificate awarded to him.

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News Network
April 21,2020

Thiruvananthapuram, Apr 21: Not just in China, but in Kerala also robot is now playing a key role in the health workers' fight against COVID-19, thanks to the innovative spirit of a group of young minds and the support of the state Health Department.

Named "Nightingale-19", the robot is deployed to provide food and medicines among patients at the district coronavirus centre in Ancharakandi in Kannur district where a large number of cases have been reported.

The special display facility, attached to it, also allows patients to communicate with health workers and their relatives if necessary, the health minister's office here said.

Designed by the students of Chemberi Vimal Jyothi Engineering College with the support of the Health Department, the remote control-operated robot can carry food and water for at least six persons at a stretch.

Also Read: Pandemic Podcast: How the lockdown is affecting women

The machine, which can travel up to one kilometre, distributes food, water and medicine in each room, a department statement said.

The robot would be disinfected after each use, it said.

Health Minister K K Shailaja inaugurated the new venture from here recently through the robot's video facility, the statement added.

Robots have been put to use in other parts of the country to help in the health workers' fight against COVID- 19.

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News Network
January 22,2020

Jan 22: India's ranking in the latest global Democracy Index has dropped 10 places to the 51st spot out of 167 owing to violent protests and threats to civil liberties challenging freedoms across the country.

Prime Minister Narendra Modi's government has been criticized by rights groups and western governments after shutting off the internet and mobile phone networks and detaining opposition politicians in Kashmir.

Modi’s government has also responded harshly to ongoing protests against a controversial, religion-based citizenship law. Muslims have said their neighborhoods have been targeted, while the central government has attempted to ban protests and urged TV news channels not to broadcast “anti-national” content. Some leaders in Modi’s ruling party called for “revenge” against protesters. India’s score in 2019 was its worst ranking since the EIU’s records began in 2006, and has fallen gradually since Modi was elected in 2014.

The Economist Intelligence Unit’s 2019 Democracy Index, which provides an annual comparative analysis of political systems across 165 countries and two territories, said the past year was the bleakest for democracies since the research firm began compiling the list in 2006.

“The 2019 result is even worse than that recorded in 2010, in the wake of the global economic and financial crisis,” the research group said in releasing the report on Wednesday.

The average global score slipped to 5.44 out of a possible 10 -- from 5.48 in 2018 -- driven mainly by “sharp regressions” in Latin America, Sub-Saharan Africa, the Middle East and North Africa. Apart from coup-prone Thailand, which improved its score after holding an election last year, there were also notable declines in Asia after a tumultuous period of protests and new measures restricting freedom across the region’s democracies.

Asia Declines

Hong Kong, meanwhile, fell three places to rank 75th out of 167 as more than seven months of violent and disruptive protests rocked the Asian financial hub. An aggressive police response early in the unrest, when protests were mostly peaceful, led to a “marked decline in confidence in government -- the main factor behind the decline in the territory’s score in our 2019 index,” the group said.

In Singapore, which ranked alongside Hong Kong at 75th, a new “fake news” law led to a deteriorating score on civil liberties.

“The government claims that the law was enacted simply to prevent the dissemination of false news, but it threatens freedom of expression in Singapore, as it can be used to curtail political debate and silence critics of the government,” EIU analysts said.

China’s score fell to just 2.26 in the EIU’s ranking, placing it near the bottom of the list at 153, as discrimination against minorities, repression and surveillance of the population intensified. Still, in China “the majority of the population is unconvinced that democracy would benefit the economy, and support for democratic ideals is absent,” the EIU said.

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