₹20 crore per day is paid off to run Air India: DIPAM Secretary
By MYBRANDBOOK
DIPAM Secretary Tuhin Kanta Pandey said what Tata is getting is not a cash cow but an airline that is bleeding where money needs to be pumped in to refurbish obsolete aircraft and dust up strangled ones while being unable to touch any employee for one year and only be able to resize staff after paying a VRS.
Pandey said, ''It won't be a very easy task there. The only advantage is they (the new Air India owner) are paying the price which they think they can manage. They are not taking the excessive debt accumulated to fund years of losses. We are continuing it as an ongoing concern... This process has also saved a huge amount of taxpayers’ money going forward.”
Prior to this, the government had accepted an offer by Talace Pvt Ltd, a unit of the holding company of salt-to-software conglomerate Tata group, to pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt. As of August 31, Air India had a total debt of Rs 61,562 crore. About 75 percent of this debt or Rs 46,262 crore will be transferred to a special purpose vehicle AIAHL before handing over the loss-making airline to the Tata Group.
Tatas would not get to retain non-core assets such as the Vasant Vihar Housing colony of Air India, the Air India Building at Nariman Point in Mumbai, and the Air India Building in New Delhi.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Dr. Sanjay Bahl
Dr. Sanjay Bahl has around four decades of experience in the ICT indus...
Icons Of India : Anil Kumar Lahoti
Anil Kumar Lahoti, Chairman, Telecom Regulatory Authority of India (TR...
Icons Of India : Harsh Jain
Harsh Jain, the co-founder of Dream 11, the largest fantasy sports web...
IREDA - Indian Renewable Energy Development Agency Limited
IREDA is a specialized financial institution in India that facilitates...
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - Lal Karsanbhai, President & CEO, Emerson
Lal Karsanbhai, President and CEO of Emerson, assumed the leadership i...