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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
February 14,2020

Feb 14: R K Pachauri, a former chief of The Energy and Resources Institute, passed away on Thursday after a prolonged cardiac ailment, TERI Director General Ajay Mathur said.

He was 79.

"It is with immense sadness that we announce the passing away of R K Pachauri, the founder Director of TERI. The entire TERI family stands with the family of Dr Pachauri in this hour of grief," Mathur said in a statement issued by the TERI.

"TERI is what it is because of Dr Pachauri's untiring perseverance. He played a pivotal role in growing this institution, and making it a premier global organisation in the sustainability space," said Mathur, who succeeded Pachauri at TERI in 2015. Pachauri was admitted to Escorts Heart Institute in the national capital where he underwent open heart surgery and was put on life support on Tuesday, sources said.

In the statement issued by TERI, its Chairman Nitin Desai hailed Pachauri's contribution to global sustainable development as "unparalleled".

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News Network
June 4,2020

New Delhi, Jun 4: India's Defence Secretary Ajay Kumar tested positive for COVID-19 on Wednesday, following which the defence ministry carried out a massive contact-tracing exercise, official sources said.

Kumar's condition is stable and he is currently under home-quarantine, they said.

At least 35 officials working at the ministry's headquarters in South Block in the Raisina Hills have been sent on home quarantine after reports of Kumar testing positive for the infection emerged on Wednesday morning.

There was no official comment on Kumar's health condition. The defence ministry spokesperson refused to comment on the issue.

It is learnt that Defence Minister Rajnath Singh did not attend office as part of a precautionary measure.

The offices of the defence minister, the defence secretary, the Army Chief and the Navy Chief are on the first floor of the South Block.

The sources said all laid down protocols on contact-tracing and quarantining of people are being scrupulously followed.

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News Network
January 9,2020

New Delhi, Jan 9: JNU students who tried to march towards the Rashtrapati Bhavan on Thursday protesting the violence on the university campus were stopped by police and later detained.

The police also resorted to baton charge to control the mob who tried to block the traffic at Janpath. Using loudspeakers, the police also appealed to the crowd to maintain peace.

Before the students tried to proceed towards the Rashtrapati Bhavan, a delegation of JNU Students' Union and JNU Teachers' Association also met Human Resource Development (HRD) Ministry officials and demanded the removal of Vice-Chancellor M Jagadesh Kumar from his post.

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