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
July 23,2020

Jerusalem, Jul 23: Merging Israel's technological expertise with India's mass production capabilities, experts from the two countries have joined hands to develop rapid testing for Covid-19 in under 30 seconds.

Israel will soon send a high-level research delegation to India to conduct a series of "final stages of testing" as part of the joint effort to develop the rapid testing kits for Covid-19 .

A high ranking team from the Directorate of Defence Research and Development (DDR&D), in the Ministry of Defense, which has been working with India's DRDO to develop rapid testing for Covid-19 in under 30 seconds, is to leave from Tel Aviv to New Delhi on a special flight in a few days, Israel's Ministry of Defence said in a statement on Thursday.

Israel's Ministry of Foreign Affairs (MFA) and Ministry of Health are also involved in this unprecedented cooperation between the two countries which aims at "merging Israeli technology with Indian development and production capabilities to allow a swift resumption of normal life alongside the virus".

The DDR&D team will conduct a series of "final stages of testing" to determine the effectiveness of a number of rapid diagnostic solutions with their Indian counterparts.

Since the start of the pandemic, the DDR&D has tested dozens of diagnostic technologies. Some of them have matured and passed initial trials in Israel, however in order to complete testing and prove their effectiveness, these must be tested on a wide range of patients, IMoD said.

The four tech systems that will be tested are - voice test, breathalyzer test based on terra-hertz waves, isothermal test, and polyamino acids test.

"What they all have in common is the ability to detect the presence of the virus in the body quickly- usually within minutes. Developing diagnostic capabilities is a goal for the State of Israel and of many additional countries around the world. It is the most effective way to cut off 'chains of infection', prevent prolonged quarantine and enable the reopening of the global economy," the statement said.

"We hope that the research and development led by the DDR&D together with our excellent industries and academic institutions, will lead to a breakthrough that will change the way we diagnose and fight the virus, while giving the boost necessary to 'restart' our economy," Defense Minister Benny Gantz said.

Foreign Minister Gabi Ashkenazi noted that this cooperation provides a unique opportunity for scientific and technological cooperation that can assist Israel, India and the world in coping both with the pandemic and with the economic crisis that came with it.

The cooperation between Israel and India will enable the delegation and its Indian counterparts, to collect tens of thousands of samples in just ten days, and analyze them using computer systems based on artificial intelligence. This massive sampling will shorten processes and advance the approval of effective technology. All tests will be validated using PCR tests.

"The cooperation between India and Israel on Covid-19 is a good example of harnessing the scientific and technological strengths that the two countries have for larger, common good. It will also further deepen our strategic ties,” India's Ambassador Sanjeev Singla told PTI.

The flight will be carrying some breakthrough emerging Israeli technologies for combatting Covid-19, which have been donated by the Israeli foreign ministry and the private sector, in order to bolster India’s response to the virus outbreak.

The plane will also deliver mechanical ventilators which were given special permission by Israel for export to India.

Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu have held three telephonic conversations since the outbreak of the pandemic and promised mutual assistance in dealing with the virus, committing to joint technological and scientific research between the countries.

The Israeli media widely reported that Modi lifted a ban on the export of Hydroxychloroquine at Netanyahu's request.

"The past few years have cemented the strategic relations between India and Israel and have included two historical visits of the Prime Ministers in Israel and in India," a press statement from the ministry of defence said.

"India seeks to integrate advanced technologies in its hospitals as they prepare to treat massive waves of Covid-19 patients on an Indian scale. The Israeli companies chosen by the MFA, MOD and Israel Defence Forces to be sent to India are potentially given unique access to one of the largest economies in the world to provide monitoring and treatment technologies while significantly reducing contact between the patients and the medical staff," it said.

"By opening the door to India’s market with its development and production capabilities, these Israeli technologies can be mass produced at a lower cost and could in future be jointly exported to third countries," it said.

"The COVID-19 pandemic is a global challenge, so it is only right that the solution be a global scientific cooperation between countries. India and Israel’s military R&D cooperation is well known for its success. I have no doubt the same will be seen in the private sector joined by brilliant scientific minds from both countries to introduce a breakthrough in swift and simple testing procedures,” said Prof. Nati Keller, an infectious diseases specialist from Sheba Medical Center, who is leading the medical side of the delegation.

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Agencies
July 2,2020

Lucknow, Jul 2: Senior BJP leader Uma Bharti Thursday appeared in person before a special court here conducting trial in the 1992 Babri mosque demolition case.      

The special CBI court is currently recording the statements of 32 accused under CrPC section 313 (court's power to examine the accused), a stage in the trial that follows the examination of prosecution witnesses.

The 61-year-old saffron clad BJP leader is the 19th accused to depose before the court in the over 27-year-old case. Thirteen other alleged accused, including former deputy prime minister LK Advani and senior BJP leaders MM Joshi and Kalyan Singh are yet to be examined at this stage. Their lawyers have indicated to the CBI court that they prefer to appear through video conferencing. 

The mosque in Ayodhya was demolished in December 1992 by 'kar sevaks' who claimed that an ancient Ram temple had stood on the same site. The CBI court is conducting day-to-day hearings to complete the trial by August 31, as directed by the Supreme Court.

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News Network
April 2,2020

Thiruvananthapuram, Apr 2: With the coronavirus lockdown in place, liquor would be delivered home by state-run retail outlets in Kerala after the left government has decided to issue special passes to tipplers, who exhibit withdrawal symptoms and have doctors prescription.

Protesting the government decision, the Kerala Government Medical Officers Association (KGMOA) wore black badges on Wednesday, but attended duty and seeking immediate withdrawal of the order, saying it was "anti-people".

As per guidelines issued by the Kerala State Beverages Corporation managing director G Sparjan Kumar, for the supply of liquor, a service charge of Rs 100 would be collected from each pass holder for meeting the delivery expenses.

Each person would be entitled to 3 litres of Indian Made Foreign Liquor (IMFL) and sale of wine and beer was not envisaged, the order stated.

Those not willing to undertake the home delivery, the name and details of the employee should be reported to the Head office for submission to the government, it said.

A civil police officer will have to accompany the distribution vehicle.

The sale of liquor should be only to the pass holders, limiting it to the quantity mentioned in the pass.

Any excess sale to pass holders or sales to non-pass holders is strictly prohibited, the order said.

In the order issued on Monday, the government said, following the lockdown and the closure of liquor outlets in the state, there were many instances of social issues, including suicidal tendencies shown by those who consumed liquor regularly and the state government has decided to initiate steps to resolve the matter.

Speaking to reporters, chief minister Pinarayi Vijayan said his government has not forced anyone to prescribe liquor to addicts.

He was responding to a query on the indifference of doctors towards the matter of prescribing liquor to addicts.

"If the doctors are not ready to prescribe liquor, it's fine. We are not forcing anyone to do so. We were just following the protocol which are prevalent at many places. It's been over a week. The family and friends of the addicts can gently persuade them to approach the de-addiction centres," he said.

Sparjan Kumar said the order on home delivery was just a modality, as part of the earlier order issued by the government to provide liquor under prescription.

"We have worked out a modality. We have a meeting tomorrow. Some new order has been issued by the Centre today. The meeting will discuss the implementation of the orders," Kumar told.

A person showing withdrawal symptoms has to get a doctor's prescription on his condition so that he could be provided liquor in a "controlled manner", the order added.

The Indian Medical Association (IMA) has also come out against the government's move.

Meanwhile, Vimukthi, an anti-narcotics campaign launched by the state government, has till now admitted 64 patients since March 24.

"Since March 24, the day lockdown started, we have 64 patients admitted due to withdrawal symptoms. We have also registered at least 200 out patients at various de-addiction centres across Kerala," K Mohammed Resheed, Joint Excise Commissioner in charge of awareness told.

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