Entertainment

India’s Tata Sons to buy Air India for $2.4 billion

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Wins competitive bid for acquiring entire company including wholly-owned subsidiary Air India Express and 50% stake in Air India SATS.

Tata group has emerged as the successful bidder of the divestment process of the national carrier Air India. The Tata group’s holding company, Tata Sons through its wholly-owned subsidiary Talace Pvt Ltd submitted a winning bid of Rs 18,000 Crore as the Enterprise Value of Air India.

Consequent to the acquisition, the Tatas will own a 100% stake in Air India (a full-service airline operating in domestic and international markets) as also 100% in its subsidiary Air India Express (a low-cost carrier airline that focusses on short-haul international operations especially in the Middle East market) and 50% in the joint venture Air India SATS (airport services on ground and cargo handling). The total permanent and contractual employee strength of Air India & AIXL is 13,500.

Commenting on the development, N. Chandrasekaran, Chairman, Tata Sons Pvt Ltd said, “At the Tata group, we are delighted to be declared as the winner of the bid for AIR INDIA. This is a historic moment, and it will be a rare privilege for our group to own and operate the country’s flag bearer airline. It will be our endeavour to build a world-class airline that makes every Indian proud. On this occasion, I would like to pay tribute to JRD Tata, pioneer of Indian aviation, whose memory we cherish.”

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The Tatas will get ownership of iconic brands like Air India, Indian Airlines & the Maharajah. Air India has a fleet of 117 wide-body and narrow-body aircraft and AIXL has a fleet of 24 narrow-body aircraft. A significant number of these aircraft are owned by Air India.

Air India provides a unique and attractive international footprint. More than 2/3rd of Air India’s consolidated revenues come from the international market. It is the number one player from India in the international market having a strong footprint across geographies like North America, Europe, and the Middle East with attractive slots & bilateral rights. The Air India frequent flyer program has more than 3 million members.

Aerospace

Eve and Kenya Airways’ Fahari Aviation sign agreement to scale Urban Air Mobility with an order of up to 40 eVTOLs to fly people and cargo

The agreement involves joint studies to develop and scale the Urban Air Mobility (UAM) market in Kenya and a business model for cargo drone operations

Melbourne, FL, June 21, 2022 – In March 2022, a subsidiary of Eve Holding, Inc. (“Eve”) (NYSE: EVEX; EVEXW) and Kenya Airways’ subsidiary, Fahari Aviation, signed a Letter of Intent (LoI) for up to 40 electric vertical take-off and landing (eVTOL) vehicles. The agreement includes joint studies through a working group to develop and scale the UAM market and a business model for cargo drone operations in Kenya. The project is expected to start deliveries in 2026.

Eve’s eVTOL lift & cruise vehicle is electric-powered and the most practical design for efficiency and certifiability. Its multiple rotors are used to take off and land vertically, and at cruise altitude the rear propellers push the aircraft forward as in a wing-borne flight, providing a low-noise experience and making it easier to move within cities while avoiding traffic jams.

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“Urban air mobility is the future of transport and we are honoured to be the champions of this in the region. The journey to realise the dream of eVTOL vehicles in Kenya is on course, and the partnership with Eve is a key achievement for us as part of the strategy to adopt new technologies as a growth strategy for the sustainable development of Africa,” said Allan Kilavuka, Group Managing Director & Chief Executive Officer, Kenya Airways.

“This is a new chapter of the Eve and Fahari Aviation partnership to strengthen both companies’ commitment to establishing the foundations that will sustainably support the ecosystem for urban air mobility in Kenya. Last year, we announced a collaboration to develop operational models for Fahari Aviation’s key markets, and today’s announcement confirms that it is evolving successfully,” said Andre Stein, co-CEO of Eve.