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India plans to sell 76% stake in Air India, subsidiaries

Agencies
March 28, 2018

New Delhi, Mar 28: The Indian government plans to sell 76 per cent stake in Air India, according to the preliminary information memorandum released on Wednesday on strategic disinvestment of the national carrier. The civil aviation ministry has sought expression of interest (EoI) for the stake sale in the loss-making carrier and two of its subsidiaries.

According to the memorandum, the government plans to offload 76 per cent equity share capital of the national carrier as well as transfer the management control.

Management or employees can participate directly in the bidding process or by way of forming a consortium, as per the memorandum.

Ernst & Young LLP India has been appointed as transaction adviser for the strategic disinvestment process.

The information memorandum said the transaction will involve Air India, its low cost arm Air India Express and Air India SATS Airport Services Pvt Ltd. The latter is an equal joint venture between the national carrier and Singapore-based SATS Ltd.

In June 2017, the Cabinet Committee on Economic Affairs (CCEA) gave in-principle nod to the strategic disinvestment of the airline, which has a debt burden of over Rs50,000 crore.

Subsequent to the decision, the Air India Specific Alternative Mechanism (AISAM), headed by Finance Minister Arun Jaitley, was set up to decide on specific issues.

The national carrier is staying on taxpayers' money under the turnaround plan approved by the previous UPA government in 2012.

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News Network
June 15,2020

New Delhi, Jun 15: A total of 1,15,519 samples of COVID-19 have been tested in the last 24 hours taking the total samples tested to 57,74,133 in the country, the Indian Council of Medical Research (ICMR) said.

"Total sample tested 57,74,133 and samples tested in the last 24 hours is 1,15,519," said ICMR.

With an increase of 11,502 cases in the past 24 hours, the COVID-19 count in India reached 3,32,424 on Monday, according to the Union Health and Family Welfare Ministry.

The COVID-19 count includes 1,53,106 active cases while 1,69,798 patients have been cured and discharged or migrated so far, and the toll due to COVID-19 has now reached 9,520.

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News Network
May 24,2020

Thiruvananthapuram, May 24: Keralites on Sunday celebrated a low-key Eid-ul-Fitr amid the coronavirus lockdown in the state as most of the faithful marked the culmination of the fasting month of Ramzan by offering thanksgiving prayers at home.

The festival is being celebrated across Kerala and Jammu and Kashmir on Sunday, while the rest of the country will celebrate Eid on Monday.

Kerala Chief Minister Pinarayi Vijayan extended Eid-ul-Fitr greetings to all Keralites across the world.

State Governor Arif Mohammed Khan also extended his festival wishes to all the Keralites.

"May we also have the blessing to prevent and eliminate the COVID-19 disease," Khan tweeted.

Vijayan said this year Ramzan is celebrated at a time when the world is going through "an unprecedented crisis and misery" because of pandemic COVID-19.

"Usual celebration during Ramzan is not there anywhere in the world due to the pandemic. Instead of offering prayers at mosques, which is important for Muslims, this time the prayers and the feast is performed in their homes.

Community leaders have taken this important decision to protect the interests of the society" he added.

The chief minister said Eid-ul-Fitr gives out a message of equality, tolerance and repentance.

The state government had earlier announced that the lockdown restrictions in the state onSunday will be relaxed in the view of Eid-ul-Fitr with shops selling essential items remaining open.

The State government had earlier declared that a complete shutdown would be observed in Kerala on Sundays in order to contain the spread of the deadly virus.

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News Network
June 2,2020

New Delhi, Jun 2: India on Tuesday reported 8,171 more COVID-19 cases and 204 deaths in the last 24 hours as the country's virus count inches closer to two lakh, according to the Union Ministry of Health and Family Welfare.

The total number of cases in the country now stands at 1,98,706 including 97,581 active cases, 95,527 cured/discharged/migrated and 5,598 deaths.

Cases in Maharashtra have crossed 70,000 including over 30,000 recovered while Tamil Nadu's COVID-19 tally jumped to 23,495.

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