Air India, the once upon a time Indian airlines major, has been now burdened with debts, bad loans, and more troubles. Every year, the government has been facing hardships in running the airlines, though there are no profits for the company, and there are only huge losses reported every year. It was in such an economic crunch situation that the central government decided to sell Air India citing lack of fund.
However, most of the service
organizations which initially displayed interest to take over Air India had
exited and escaped sooner. The reason behind none of the companies coming
forward to take over Air India has now been identified. Though the government
has decided to sell shares of AI, it has decided to keep on hold 24% shares with
itself. Niti Ayog had advised the government to sell the whole of shares.
But the central government, with an
aim to get shares of the profit in future, decided to hold 24%shares. However,
no party is coming forward to acquire 76%shares alone. The talks with airline
majors like SpiceJet, Jet Airways, Indigo, Tata, had failed. Now, the
government has decided to sell all the properties associated with Air India. It
has 100 Boeing and Airbus and has permissions to ply to 2543 airports. In 2001,
Singapore Airlines had sold Air India shares and exited the deal.
Cyclone Alert over west-central Bay of Bengal: IMD Accordingly a cyclone alert has been issued for the northern coastal region of the state of Andhra Pradesh with the Indian Meteorological Department predicting 'very heavy to extremely heavy' rains in the region. Meanwhile the IMD has stated that depression has formed over west-central Bay of Bengal which could intensify into a cyclonic storm.
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