Tag: tata group

The government on Thursday officially handed over Air India to the Tata Group."We are delighted to have Air India back at the Tata group," Tata Sons Chairman N Chandrasekaran said. He said the company is looking forward to creating a “world-class airline"."I warmly welcome all the employees of Air India to our Group, and look forward to working together," Chandrasekaran said. "The strategic disinvestment transaction of Air India successfully concluded today with transfer of 100 percent shares of Air India to M/s Talace Pvt Ltd along with management control. A new Board, led by the Strategic Partner, takes charge of Air India," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey stated. The consideration amount of ₹2,700 crores has been received by the government. The shares have been transferred to Talace. Consideration amount has been received and so the new owner is Talace. The debt of ₹15,300 crores has been accepted by the new owners. Read more

Air India will be transferred to Tata Group, the new owner, by the third week of January 2022, Union aviation minister Jyotiraditya M Scindia said at the Times Now Summit 2021 yesterday(11th Nov.2021). India will also see a startup, Akasa, take to the skies along with a reborn Jet Airways next year. January 23 is the 'long stop date' by which Tatas have to take over the airlines. Soaring aviation turbine fuel prices have led to a 400% increase in Indian airlines’ operating cost in recent months, Scindia said, adding that had the government not recently raised domestic fare bands by 12.5%, there “won’t have been any airline left for us to board”. “We are seeing a tremendous amount of green shoots. The last weekend saw a high of 3.8 lakh passengers daily, with the pre-Covid high being 4.2 lakh. So we are only 10% below the pre-Covid high. Almost 90% of (domestic) traffic has recovered. But it is important to be cautious,” he said.

The mood of optimism all around has given rise to positive sentiment in the hiring market, with top companies such as the Tatas, Birlas, Reliance, and ITC planning to add more staff in the coming months. Most of the hirings are, however, in the entry or junior level, say HR managers. While TCS, created a record of sorts by hiring 15,721 people in the December quarter, other group companies are not far behind. Tata Projects, which recently bagged the prestigious Central Vista project, also plans to hire more people soon. Infosys, too, has announced it will hire 24,000 freshers from cam­p­­uses this year. The Aditya Birla group is looking at fresh talent for its various verticals. Hiring by Reliance Retail and Reliance Jio has picked up as well, with both getting ready to onboard people from the Future Group and other acquisitions, according to sources. Auto is another sector where hiring is set to rise.

Tata Sons are likely to submit an expression of interest (EoI) for state-owned carrier Air India, the deadline for which ends on December 14. Singapore Airlines (SIA), with which Tata Sons operates full-service airline Vistara, may not be part of the bid in the initial stages, according to sources. “The opportunity to acquire Air India is too good to let go if the company wants to have scale and size in the business of aviation. In all sectors Tata Sons operates, the focus has been to either be a market leader or No.2. Air India provides that opportunity,” a person aware of the development said. However, Tata Sons management will not like to have a third airline venture and wants to merge Air India and Vistara in the future. Besides Vistara, Tata Sons owns a 51 percent stake in low-cost airline AirAsia India.