Skip to content
Search

Latest Stories

India Plans For Global Hunt To Appoint Professionals For Air India Top Positions

The Indian government is planning to recruit professionals for top positions at country’s national carrier, Air India through a global search process in a bid to revive ailing airline, said India’s civil aviation minister Suresh Prabhu last week in an interview with Press Trust of India (PTI).

The government has been working with various initiatives to revive the airline after the planned strategic stake sale of the national carrier failed to take off last year. Now, amid all hurdles, the government is seriously considering the proposal to professionalise Air India management.


"I have already ordered a global search for the professionalisation of Air India completely. All top positions in Air India should be filled by some sort of a global search. That proposal is now under active consideration of the government," Prabhu said in an interaction with PTI.

The government is also planning to form a committee to search and recruit activation professionals from across the globe who can work for Air India to bring it on the sustainable growth path.

As of now, the airline has nine members of the board including two officers from the country’s civil aviation ministry. The chairman and managing director of the airline is senior IAS officer Pradeep Singh Kharola.

The two businessmen, ITC chairman Y C Deveshwar and Aditya Birla Group chairman Kumar Mangalam Birla serve as independent directors on the board whereas, Ravinder Kumar Tyagi, Syed Zafar Islam, and Daggubati Purandeswari are the other independent directors on the board.

Air India finance operation director Vinod Hejmadi, as well as civil aviation ministry's additional secretary Gargi Kaul and joint secretary Satyendra Kumar Mishra, also work as part of the airline board.

Prabhu added that debt has turned into a major challenge for the rival of the airline. He told that his ministry is working with the finance ministry to address the issue.

Air India estimated to have a debt burden of Rs 550 billion and about Rs 290bn is to be transferred into a special purpose vehicle.

More For You

Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less