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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News Network
January 28,2020

Jan 28: After Union minister Anurag Thakur, on Tuesday, BJP MP Parvesh Verma has stoked a controversy by saying that "Shaheen Bagh protesters will enter houses and rape sisters, daughters." The BJP MP even went on to say that if BJP is voted to power in Delhi, they "will clear Shaheen Bagh protest within an hour."

"If the BJP comes to power in Delhi on February 11, we will clear Shaheen Bagh of all protests and protesters within one hour. Not a single person will be visible," Parvesh Verma said during a meeting at Vikaspuri assembly constituency.

"Lakhs of people gather there [Shaheen Bagh]. People of Delhi will have to think and take a decision. They will enter your houses, rape your sisters and daughters, kill them. There's time today, Modi ji & Amit Shah won't come to save you tomorrow..." the BJP MP told news agency ANI.

"If our government is formed, then give me just a month after February 11, and I will remove all mosques built on government land in my Lok Sabha constituency," the BJP parliamentarian added.

Well, these statements didn't go down well with the netizens, who took to Twitter to express what they felt about the BJP leader's comments. A user wrote, "This is pure, unadulterated hate speech." While other user said, "Only when you thought BJP couldn't stoop any lower."

Earlier, on Monday, BJP leader and Union Minister Anurag Thakur triggered a row after he led the crowd to raise an incendiary slogan that "traitors should be shot". At the rally, Thakur, the Minister of State (MoS) for Finance, shouted: "desh ke gaddaron ko" to which the crowd responded, "goli maro saalo ko" (shoot down the traitors).

Addressing the meeting in support of BJP candidate from Rithala, Manish Chaudhary, Thakur raised the pitch of nationalism as he linked opposition parties with anti-CAA protests in Shaheen Bagh and with alleged anti-India slogans, and then asked the crowd to raise the controversial slogan.

For more than a month, over 200 women have been joined by hundreds of others every day at South East Delhi's Shaheen Bagh at a sit-in protest against the CAA which promises citizenship to only non-Muslim refugees from three neighbouring countries.

Protests have been ongoing in different parts of the country against the amended Citizenship Act (CAA) which grants citizenship to Hindus, Sikhs, Jains, Parsis, Buddhists and Christians fleeing religious persecution from Pakistan, Afghanistan, and Bangladesh if they entered India on or before December 31, 2014.

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News Network
March 18,2020

Mar 18: Madhya Pradesh Congress Party sought in the Supreme Court on Wednesday that the trust vote in the state assembly be deferred till by-polls for the vacant seats are concluded, saying "heavens are not going to fall" if its government led by Kamal Nath is allowed to remain in office till then.

A bench, comprising Justices D Y Chandrachud and Hemant Gupta, was hearing cross petitions filed by former Madhya Pradesh Chief Minister and senior BJP leader Shivraj Singh Chouhan and MP Congress on the ongoing political crisis in the state after 22 rebel MLAs of the ruling combine purportedly offered to resign.

"Heavens are not going to fall if Congress government is allowed to continue till by-polls and the Shivraj Singh Chouhan's government must not be saddled on the people," said senior advocate Dushyant Dave, appearing for Congress.

"Let them face re-elections and then hold trust vote... You (BJP) have engineered it. My petition raises the frontal attack that you have launched a conspiracy," he said.

Senior advocate Mukul Rohatgi, appearing for Chouhan, vociferously opposed the submission saying that the party which killed the democracy by imposing emergency in 1975 is now referring to "lofty ideals" of B R Ambedkar.

He said that after the resignations of 22 Congress MLAs, out of which six resignations have been accepted, the state government should not be allowed to continue even for a day.

"It is lust of power because of which all these lofty arguments are being made.

"It is unheard of that a person who had lost majority says that he wants to continue for six months and there should be re-election before the trust vote.

Rohatgi said the Kamal Nath government wanted to stay in power by hook or crook.

Earlier in the day, the Madhya Pradesh Congress told the bench that a probe is needed on the resignation letters of its rebel MLAs that have been submitted by BJP leaders to the Speaker of the state Assembly.

Dave said the Governor has no business to send messages at night asking the Chief Minister or Speaker to hold floor test.

"The Speaker is the ultimate master and the Madhya Pradesh Governor is overriding him," he said.

The party alleged that resignations of its rebel MLAs were extracted by force and coercion and they did not act as per their free will.

It also said that its rebel MLAs were taken away in chartered flights and are currently incommunicado in a resort arranged by the BJP.

The advancing of arguments will resume after lunch.

The Madhya Pradesh Congress Legislature party (MPCLP) had Tuesday moved the Supreme Court seeking direction to the Centre and the BJP-led Karnataka government to grant it access to communicate with its rebel MLAs allegedly kept at Bengaluru.

Earlier on Tuesday, the court had asked the Kamal Nath government in the state earlier in the day to respond by Wednesday to a plea by senior BJP leader Shivraj Singh Chouhan seeking immediate floor test in the Assembly.

MPCLP, in its plea filed by Govind Singh, an MLA and chief whip of Congress legislature party, urged the apex court to declare as illegal the action of the Centre, Karnataka government and the MP BJP of illegally confining its MLAs in Bangaluru.

The plea, filed through senior lawyer Devdutt Kamat, said the trust vote would be a "sham" if 22 MLAs did not take part in it as almost 10 per cent of constituencies go unrepresented.

The plea filed by Chouhan and nine BJP lawmakers was moved in the top court just after the Speaker cited coronavirus concerns and adjourned the House till March 26 without taking the floor test apparently defying the directions of Governor Lalji Tandon.

The plea alleged that the Speaker, the Chief Minister and the Principal Secretary of the Assembly have "flagrantly violated the constitutional principles and have deliberately and wilfully defied the directions" issued by the governor asking the government to prove the majority on the floor of the house on March 16 when when the budget session was to commence.

On Saturday night, Tandon wrote to Nath asking him to seek a trust vote in the Assembly soon after the Governor's address on Monday, saying his government was in minority.

After the Speaker accepted the resignation of six Congress MLAs on Saturday, the party now has 108 legislators.

These include 16 rebel legislators who have also put in their papers but their resignations are yet to be accepted.

The BJP has 107 seats in the House, which now has an effective strength of 222, with the majority mark being 112.

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News Network
January 9,2020

Dubai, Jan 9: A roadshow promoting Gujarat as an education hub of India will be held here from January 17, officials said.

Representatives of 22 universities and four colleges from Gujarat will be part of the two-day event organised by the Indian Consulate in Dubai.

"The roadshow will provide a glimpse of the thriving education sector in Gujarat and enable the interested candidates to get a first-hand understanding of the rich resources of the state in order to pursue higher education," according to a statement released by the Indian Consulate here on Wednesday.

A delegation led by Gujarat's Education Minister Bhupendrasinh Chudasama will take part in the event under the 'Study in Gujarat' campaign, the statement said.

The Principal Secretary of the state's Higher and Technical Education, Anju Sharma, will participate in the roadshow, which will conclude on January 18.

The participating educational institutions include Pandit Deendayal Petroleum University, Gujarat Forensic Science University, Nirma University, LD College of Engineering, Gujarat Arts and Science College, Vishwakarma Government College and SAL College.

"In the last decade and a half, Gujarat has been successful in establishing its identity as the leading educational hub of India. State of the art infrastructure, safe environment, curriculum at par with international standards and industry exposure gives students an edge during the course of their study," the statement said.

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