Skip to content 
Search

Latest Stories

Tata Sons In Preliminary Talks With India’s Troubled Jet Airways

Tata Sons Ltd, Indian conglomerate has said in a statement on Friday (16) that it is in preliminary discussions with India’s crisis-hit airline, Jet Airways and added that it has made no proposal to purchase a stake in the struggling carrier.

“Over the last few days, there has been growing speculation in the print and electronic media about Tata’s interest in Jet Airways. We would like to clarify that any such discussions have been preliminary and no proposal has been made”, Tata Sons said in a statement.


Jet Airways on Thursday (15) had rejected the media reports of its likely merger with Tata SIA Airlines and added that there was no such discussion in the company’s board. Tata SIA Airlines is a joint venture between Tata Group and Singapore Airlines which runs airline company Vistara.

Jet Airways deputy chief executive and chief financial officer Amit Agarwal earlier admitted that his airline company was in discussions with multi interested parties to obtain funds and the sale of six of its Boeing 777 planes along with a stake in its loyalty programme Jet Privilege.

Shares of debt-ridden Jet Airways moved up for the for the fourth straight day on Friday (16) to touch a five-month high after media reports stated that an acquisition of the crisis-hit airline by Tata was inching towards a close.

Jet Airways shares rallied over 40 per cent during the last five days. On Friday, Jet Airways shares on India’s BSE closed at Rs 346.85, a high of 8.07 per cent or Rs 25.90 against its previous close.

Chairman and promoter of the airline Naresh Goyal and his family own 51 per cent stake in the airline company, whereas Etihad Airways owns a 24 per cent stake in the firm.

Continuing its loss-making journey for the straight third quarter, Jet Airways reported Rs 1261 crore of loss for the quarter ended in September against a profit of Rs 71 crore recorded during the same period last year.

More For You

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less