Ahmedabad crash: Air India seeks Rs 10,000 crore lifeline from shareholders
Chennai: Air India is seeking approximately Rs 10,000 crore ($1.1 billion) in fresh financial support from its owners, Tata Sons and Singapore Airlines, as the airline struggles with the aftermath of the Ahmedabad air crash earlier this year, along with other operational and financial hurdles, Bloomberg reported on Friday.
The airline has reportedly approached both shareholders for additional funding based on their respective stakes; Tata Sons holds nearly 75% of Air India, while Singapore Airlines owns about 25%. The funding could take the form of equity or an interest-free loan, with discussions still in progress.
The financial math worsened after one of its Boeing 787 Dreamliner headed for London crashed immediately after take off from Ahmedabad on June 12, killing all but one on board. The incident triggered intense regulatory scrutiny and forced a fleet-wide safety audit.
Further complicating matters, ongoing airspace restrictions due to regional tensions have led to longer flight routes, increasing operational costs. The ailing carrier is far from a goal of breaking even operationally by end of March next year after facing multiple setbacks, added the report.
The financial support is expected to help Air India scale up its own engineering and maintenance capabilities by building hangars at key airports in the country.
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Youngsters should be made aware of UP's condition before 2017: Adityanath
Gorakhpur (UP) (PTI): Uttar Pradesh Chief Minister Yogi Adityanath on Friday urged intellectuals and opinion makers to educate the younger generation about the condition of the state before 2017 and the transformation witnessed in recent years.
Addressing the "Prabuddh Samvad" programme organised by the BJP's Rapti Nagar Mandal at a marriage hall in Gorakhpur, Adityanath said youngsters must be made aware of the "era of riots, curfews, lawlessness and appeasement politics", so that such a situation does not return.
He said many youngsters today were too young to understand the condition of Uttar Pradesh 10 years ago. "If we do not tell the present generation what the state faced earlier, they will forget the consequences of misgovernance and appeasement politics," he said.
The chief minister alleged that before 2017, the state suffered from "goondaism, corruption, anarchy and exploitation by regional parties". He claimed that traders were forced to pay the "goonda tax", women felt unsafe and employment opportunities were limited, forcing many to migrate.
Highlighting the changes under the present government, Adityanath said Uttar Pradesh now offers development, security and employment opportunities.
Referring to Gorakhpur, he said the fertiliser plant has resumed operations, the All India Institute of Medical Sciences (AIIMS) is functioning smoothly and the Baba Raghav Das (BRD) Medical College has improved healthcare services.
The chief minister added that industrial projects worth Rs 15,000 crore have generated jobs for nearly 50,000 youngsters in eastern Uttar Pradesh.
Praising Prime Minister Narendra Modi, Adityanath said India has emerged as a global inspiration under his leadership.
Referring to global tensions and rising fuel prices, he appealed to people to conserve fuel and adopt alternatives, such as solar energy, public transport, electric vehicles and carpooling.
Calling intellectuals the "opinion makers of the society", he said teachers, doctors, lawyers and entrepreneurs have a responsibility to guide people in the right direction. He also urged citizens to remain balanced during both favourable and challenging times.
Local MP Ravi Kishan and Bharatiya Janata Party (BJP) MLC Dharmendra Singh also addressed the programme. Mayor Manglesh Srivastava and several BJP leaders, professionals and social workers were present.
