The airline had taken an undertaking from 1,600 employees residing in their quarters that they would vacate the premises within six months of Air India being privatised.
The government is looking to sell a 49 per cent stake each of the SriLankan Airlines' catering and ground-handling units in efforts to restructure the state-run carrier
The article also highlighted that recent mega merger of PSBs has resulted in consolidation of the sector, creating stronger and more robust and competitive banks
Wilson is expected to meet the representatives of Air India's unions in order to expedite the process of clearing out former colonies of the airline, multiple people aware of the development said.
Older employees of Air India feel that the new management is focused on replacing them with new hires.
For bidding for the airports operated by AAI from Tier II and III cities, the Centre plans to follow the per-passenger revenue model.
From moving to new homes to dealing with higher monthly expenses, Air India’s sale affect the lives of its employees in Delhi.
Speaking to Moneycontrol, DIPAM Secretary Tuhin Kanta Pandey was confident that his department will be able to privatize a number of PSUs including BEML, Shipping Corp, NINL, Pawan Hans, CEL and BPCL before March 31, 2022.
The Tata’s will pay Rs 18,000 crore to the government. The reserve price was fixed at Rs 12,906 crore.
In a letter to the PM, an employee's union demanded a judicial probe into the privatisation process done for six airports.
The government doesn’t want any legal hitches to hinder the sale of the national carrier, which is said to be in the closing stages.
The empowered group of ministers led by Amit Shah, is known as the Air India-Specfic Alternative Mechanism (AISAM) and also includes Nirmala Sitharaman, Piyush Goyal and Jyotiraditya Scindia.
Senior officials in the Civil Aviation Ministry and Air India told Moneycontrol that S K Mishra the government-appointed director on the board of the airline will take over everyday operations until the government takes a decision about the privatization of the national carrier.
A panel of ministers has reportedly accepted Tata Sons' proposal to take over Air India
On September 30, government officials met the two bidders of Air India for a second consecutive day to discuss the divestment of the airline. Officials from the Ministry of Civil Aviation, Department of Investment and Public Asset Management, and the Directorate General of Civil Aviation met with officials from the Tata Group and Spicejet Chairman Ajay Singh.
Subramanian said that Air India’s privatisation is in an advanced stage, and that the government was confident of meeting the FY22 divestment target of Rs 1.75 lakh crore.
Strap: Chief economic advisor Krishnamurthy Subramanian said the Centre is confident of completing the privatisation of Air India and Bharat Petroleum and the Life Insurance Corporation initial public offering by the fourth quarter
Monetizing a part of cross-country 3,300 km dedicated freight corridors has major financial implications for the government and the private sector. Moneycontrol takes a deep dive into the opportunities and challenges.
Anchorage Infrastructure is the investment vehicle of Fairfax India for airports and other infrastructure investments. Fairfax India is the majority owner and controller of Bangalore International Airport Ltd as it owns a 54 percent stake in the airport.
"There is a very big privatization agenda and that would mean that apart from NCLT, there will be a lot of assets on offer which will come from the public sector," Tuhin Kanta Pandey said.
The first quarter has been relatively encouraging on the tax and non-tax revenue front, and the Centre’s fiscal position is comfortable for now, even with additional expenditure. However, the government needs to pick up the pace on privatisation
The Centre is confident of meeting the ambitious divestment target of Rs 1.75 lakh crore through share sales in Air India and other companies, including the Life Insurance Corporation IPO, which is expected to be India’s largest.
While the Cabinet Committee on Economic Affairs has allowed the sale of the entire stake, the exact quantam will be decided as the process unfolds. The Centre and LIC together own nearly 95 percent of IDBI Bank currently.
This move is aimed at ensuring that the Centre’s privatisation, asset monetisation and capital expenditure plans for state-owned companies are aligned and coordinated.
The government has not yet finalized how much stake to sell and will do so in consultation with the RBI, LIC Ltd, and the appointed transaction advisor, a senior government official told Moneycontrol. The stake offloaded could be anything between 26 percent (the minimum required to transfer management control) and the centre's entire stake, which is currently at 45.5 percent