Govt puts off Air India stake sale for now

Agencies
June 19, 2018

New Delhi, Jun 19: The government has decided not to go ahead with Air India stake sale in an election year and will provide required funds for its operations, a senior official said today.

The decision comes less than 3 weeks after the proposed 76 per cent strategic stake sale in debt-laden national carrier failed to attract any bidder.

Air India will very soon get funds from the government for its day to day operations and will even place orders for a couple of aircraft, the government official said.

The decision was taken at the high level meeting convened by Union Minister Arun Jaitley yesterday. The meeting was attended by Piyush Goyal, who has been temporarily given the charge of finance ministry, Civil Aviation Minister Suresh Prabhu, Transport Minister Nitin Gadkari and other senior officials of finance and civil aviation ministries.

"The airline is posting operational profits. None of the flights go empty. With all the cost efficient mechanism in place, we will continue improving its operational efficiency. There is no need to rush in for disinvestment as of now," the official said.

The government is looking at turning around the company to ensure that it makes profits on overall basis before going in for listing.

"Certain conditions have to be met before listing a company. Once Air India fulfils those, we will go in for an initial public offering and subsequent listing," the source said.

As per Sebi norms, a company has to post profit in previous three financial years before it can list itself in the stock exchanges.

"The focus is on improving operational efficiency. We will continue to boost employee morale, starting from the top level, to better the functioning of the airline. Funds would be provided as and when required," the source added.

The government had originally proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players. The buyer would have had to take over Rs 24,000 crore debt or the carrier along with over Rs 8,000 crore of liabilities.

However, the stake sale failed to attract any bidders when the bidding process got completed on May 31.

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Agencies
February 11,2020

New Delhi, Feb 11: With Election Commission">Election Commission's trends indicating a landslide victory for the Aam Aadmi Party (AAP), party chief Arvind Kejriwal expressed his gratitude towards the people of the national capital and said that this is the victory of the people who consider him as their son.

Making his first public appearance after the day's results, Kejriwal made a brief address to supporters in which, AAP chief thanked supporters, outlined his personal connection with citizens and party workers as well as credited his family for their continued support.

"I thank people of Delhi for reposing their faith in AAP for the third time. This is not my personal victory, this is the victory of Delhiites. This the victory of the people who consider me as their son and voted for us," Kejriwal said at party office here.

He also referred to the trends of the assembly polls, as the beginning of a new kind of politics.

"This is the beginning of a new kind of politics. This is a new sign. Only the party will get vote who will built mohalla clinics and good schools... This is the victory of mother India and India. Today is Tuesday, Hanuman-ji's day. Hanumanji ji blessed Delhi today, I thank him. We pray that Hanuman Ji keeps showing the right path to us so that we continue to serve people for the next five years," he said.

According to Election Commission", AAP won 5 seats while the party is leading on 58 seats in 70-member Delhi Assembly. 

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News Network
February 16,2020

Varanasi, Feb 16: Amidst continuing protests against the amended citizenship law, Prime Minister Narendra Modi on Sunday said his government stood by the decision despite all pressure.

"Be it the decision on Article 370 or the Citizenship Amendment Act, it was necessary in the interest of the country. Despite pressure, we stand by our decision and will remain so," he said.

Modi was addressing a public meeting in his Lok Sabha constituency.

Prime Minister Narendra Modi also asserted that the trust set up for construction of the Ram temple in Ayodhya will work "rapidly".

"A trust has been formed for construction of a grand Ram temple in Ayodhya. This trust will work rapidly," he said at a public meeting during his day-long visit to his Lok Sabha constituency.

The government had recently set up the Shri Ram Janmabhoomi Teerth Kshetra on the Supreme Court's directive to the Union government to form a trust that can look into the construction and management of the temple.

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News Network
April 17,2020

New Delhi, Apr 17: A total of 3,336 Indians tested positive for coronavirus in 53 countries while 25 others died of the infection, government sources said on Thursday.

They said the Indians stranded abroad will have to be patient as the government is not evacuating them as part of a larger policy decision to check the spread of the coronavirus in the country.

"They need to be patient and stay where they are. Our missions have been told to extend all possible help to the stranded Indians," said a source.

According to the sources, evacuation of around 35,000 foreign nationals from 48 countries has been facilitated so far from India.

The sources said the majority of Indians who tested positive for the coronavirus infection are living in the Gulf region. A sizeable number of Indians staying in France and the US have also tested positive.

They said that Indian missions in the Gulf region have been told to extend all possible assistance to the Indians in distress.

Around eight million Indians are living in the Gulf countries and there has been growing anxiety among them over their livelihood in view of the pandemic as it has majorly impacted the oil-driven economy of the region.

Almost all Gulf countries have taken a series of drastic measures including imposing total lockdown, travel restrictions and even closing borders to stem the spread of the coronavirus infection.

The United Arab Emirates has already warned of possible action against countries refusing to allow their citizens to return.

Around 3.3 million Indians are living in the UAE and they constitute roughly 30 per cent of the country's population. Among the Indian states, Kerala is the most represented followed by Tamil Nadu and Andhra Pradesh.

A large number of Indians are working in the construction sector in Qatar which is hosting the FIFA World Cup in 2022.

As a matter of policy, India has decided not to bring back the stranded Indians from abroad till the nationwide lockdown ends.

The issue of Indians in Gulf region figured prominently during Prime Minister Narendra Modi's video conference with heads of Indian missions abroad on March 30.

Welfare of Indians in the Gulf was the major focus area in the discussions Modi had with leaders of countries in the region over the last few weeks, officials said.

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