No buyers for Air India may mean divestment to be put off

Agencies
September 19, 2020

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New Delhi, Sept 19: Air India is not finding any takers and the privatisation may be put off by three years, delivering a blow to the efforts to divest the national carrier.

It seems that due to the turbulence caused in the aviation sector by the Covid 19 pandemic, airlines are already struggling and in that scenario, there are no buyers for Air India. Tatas were supposedly frontrunners for the divestiture, but for some reason have backed out of the race for the moment after completing the due diligence process. The question is therefore whether the books revealed a bigger financial mess than what was anticipated.

The government has already postponed the last date for inviting bids after having said that the date would not be advanced. Civil Aviation Minister Hardeep Puri has remarked that the options on the table are either to sell the airlines or close it down. October 30th was the latest deadline for finalizing the sale of Air India, but Govt will be forced to extend that as well. The deadlines of Air India sale have been extended quite a few times in the last couple of years.

If the privatisation is put off by three years then the government will have to find a plan to keep the national carrier running for that period.

Reports suggest that the huge debt of Air India is a major reason for buyers not being extended. The government is examining how the debt exposure of the potential buyer can be reduced.

Out of Rs 60,074 crore debt of Air India, the government had already announced a reduced debt exposure of Rs 23,286 crore for the buyer. This means, that instead of Rs 60,074 crore debt, the new buyer will be needed to repay only Rs 23,286 crore of debt. The rest of the debt will be transferred to a special purpose vehicle called Air India Assets Holding Ltd.

Discussions are on to evolve a formula where the buyers can put in a bid based on the enterprise value and bids will be evaluated based on that.

However, due to the stress in the aviation sector, buyers may not interested even with reduced debt given that their core operations are pressure.

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News Network
November 28,2024

Udupi: A 53-year-old woman fell victim to a sophisticated online fraud, losing ₹19.7 lakh to scammers posing as officials from telecom companies and the police.

According to the complaint filed by Vidya, the incident began on October 4 when she received a call from an individual claiming to be from Airtel. The caller alleged that a SIM card linked to her Aadhaar was being misused in Mumbai for spam and fraudulent activities. They warned her that all her mobile numbers could be blocked and connected her to a supposed "Sahara police station."

A man identifying himself as Mohan Kumar, an "investigation officer" from the Sahara police station, then contacted Vidya. He alleged that a fraudulent bank account had been opened in her name at an SBI branch in Mumbai. This account, he claimed, was being used for human trafficking and money laundering activities by someone named Vivek Das. He insisted that all her bank accounts needed to be reviewed.

On October 5, the scam escalated when Kumar, posing as a police officer, threatened Vidya with arrest and warned her not to leave her location without his permission. He demanded that she transfer funds from her accounts to specific UPI IDs and bank accounts under the pretext of "reviewing" her finances. Fearing legal consequences, Vidya complied and transferred ₹19.7 lakh in installments between October 16 and November 7.

The fraud came to light only after she realized she had been deceived. A case has been registered at the CEN (Cyber, Economic, and Narcotics) police station, and an investigation is underway.

Public Warning:

  • Beware of unsolicited calls claiming to be from telecom companies, banks, or police stations.
  • Never share sensitive personal or banking details over the phone.
  • Always verify the identity of callers through official channels before taking any action.
  • If in doubt, contact your local police or cybercrime cell immediately.
  • Stay vigilant to avoid falling prey to such scams!

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News Network
November 15,2024

Udupi: The Tourism Department is planning a major eco-friendly development initiative for Kamini Island, located near the Blue Flag-certified Padubidri End Point beach, aiming to attract more visitors while maintaining environmental sustainability.

Assistant Director Kumar CU emphasized that, given the island’s proximity to the Blue Flag beach, all development efforts will center around eco-friendly practices. “We are looking to enhance the Kamini River and the island’s surroundings by adding a hanging bridge, nature trails, and eco-friendly food courts offering traditional cuisine. Visitors will also be able to reach the island by pedal boats or kayaking,” he said.

The development project is estimated to cost between Rs 3 crore and Rs 4 crore. Meanwhile, the Blue Flag beach, Padubidri, continues to see a steady flow of visitors. Vijay Shetty, manager of the beach, shared that tenders for food courts and water sports have been awarded to private parties. Recently, three new coracles have been introduced, which are proving to be a hit with visitors. Additionally, three more shelters are expected to be ready by November 20.

Shetty mentioned that the beach can now accommodate between 2,500 and 3,000 visitors daily, although footfall remains lower than other district beaches due to user fees and activity restrictions. “Initially, most visitors were from Mangaluru, but now nearly 40% come from other districts, showing a shift in the visitor demographics,” Shetty noted.

To further boost tourism and promote a healthy lifestyle, a Beach Carnival is set to take place on November 23-24, featuring the National Sea Swimming Championship and a sea marathon in collaboration with the Padubidri JCI, which is celebrating its golden jubilee. Cultural events will be held at the main beach, with some sports events taking place at the Blue Flag beach. Emphasis will be placed on making all activities environmentally friendly.

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News Network
November 26,2024

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Mangaluru: The coastal districts of Dakshina Kannada and Udupi are witnessing a fascinating weather pattern, with chilly early mornings giving way to dry, sweltering afternoons. Over the past two days, dense fog blanketed the rural landscapes, while urban centers like Mangaluru felt the stark contrast of brisk mornings and peak afternoon heat.

The India Meteorological Department (IMD) noted that in rural areas, the morning chill caused temperatures to dip by one to two degrees Celsius below the seasonal norm, intensifying the fog. Monday saw Mangaluru recording a maximum temperature of 33.3°C and a minimum of 22.6°C, reflective of the sharp day-night variation.

While mornings painted a serene picture with mist-covered trees and a cool ambiance, the afternoons proved relentless, with temperatures soaring between 11 am and 3 pm, offering little respite. Currently, there are no signs of rainfall, with forecasts predicting the continuation of this dual weather pattern for the coming days.

Local residents have mixed feelings about this weather trend. Farmers in rural areas appreciate the cool mornings that ease early chores but express concerns over the dry afternoons, which may affect crop irrigation if the dry spell prolongs. In contrast, urban dwellers are enjoying the foggy mornings but brace for the scorching afternoons.

Meteorologists attribute the sudden chill to shifts in atmospheric pressure along the coast, a precursor to possible weather transitions in December. Whether this pattern persists or leads to unexpected changes remains to be seen, but the twin districts are clearly caught in nature's dramatic play of contrasts.

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