Steel major Tata Steel Ltd on Friday announced a mega merger of listed and unlisted companies mainly to derive business synergies and also to reduce and simplify the Tata Group's steel business structure.
On Friday, the first day post the formal take over by the Tata Group, the pilots were asked to change the welcome announcement which are made after the closure of the cabin.
Under the agreement with the Centre, no employee will be removed for one-year. In the second year, if an employee has to be removed, a VRS option will be provided.
In a separate social media post themed "Looking back, looking forward", Chandrasekaran reiterated that Tata Group is committed to making Air India a world-class airline.
The Tata Group would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt. The deal also includes sale of Air India Express and ground handling arm AISATS.
While this will be the Centre's first privatisation since 2003-04, Air India will be the third airline brand in the Tatas' stable as it holds a majority interest in AirAsia India and Vistara, a joint venture with Singapore Airlines Ltd.
Tatas had on October 8 beat the Rs 15,100-crore offer by a consortium led by SpiceJet promoter Ajay Singh and the reserve price of Rs 12,906 crore set by the government for the sale of its 100 percent stake in the loss-making carrier.
At present, Air India has a total strength of 12,085 employees, which includes 8,084 permanent staff. Air India Express has 1,434 employees.
With the opening up of the aviation sector to private players in 1994-95 and private entities offering cheaper tickets, Air India gradually started losing market share.
The process for the sale of Air India, which is reportedly reeling under a debt of over Rs 60,000 crore, had begun in July 2017.
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The inaugural list on philanthropists of the century released by Edelgive Foundation and Hurun India noted that with donations of $102.4 billion, Jamsetji Tata is the topmost philanthropist globally.
Mumbai: Former Indian foreign secretary S. Jaishankar has apparently been given a waiver from the “cooling off period” for bureaucrats, as Tatas have announced his appointment as their Groups President of Global Corporate Affairs. Announcing the appointment, Tata Sons said Jaishankar will report to N Chandrasekaran, executive chairman of Tata Sons in his new role. […]
New Delhi: Seeking long-term travel commitment, Tata Group joint venture Air Asia India plans to tie up with about 200 companies in the next few months, offering them a slew of benefits, including flexibility in last-minute flight change and onboard meals. The aggressive business pitch is set to help the low-cost carrier widen its customer base […]
New Delhi: Construction major Tata Projects has won the bid to erect the federal Parliament’s new building in place of the colonial-era structure here in the national capital. As per the available information, Tata Projects bid an amount of Rs 861.9 crore. According to a company spokesperson: “We have emerged as the ‘L1’ in the […]
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