Aviation

Kingfisher aircraft to be auctioned; expected to fetch around Rs 535 crore.!

The Service Tax Department will next month auction liquor baron Vijay Mallya’s corporate jet of the now-defunct Kingfisher Airlines to recover dues of Rs 535 crore. The department in Mumbai has invited online global bids for sale of Corporate Jet Airbus A319 stationed at the Mumbai International Airport belonging to Kingfisher Airlines which has already been attached by it.

The bidding will be conducted by MSTC, the selling agent of the Service Tax Department, on November 28-29, an auction notice said. As part of the pre-bid verification, bidders can seek clarification from the department regarding the aircraft, its particulars, equipment and any related documents.

“The bidder would not raise any dispute regarding the terms and conditions of the e-auction or about the particulars of the aircraft or contest the same once he has been declared as the successful bidder for the aircraft,” said the guidelines for the e-auction.

The prospective bidders shall have to submit interest free pre-Bid Earnest Money Deposit (EMD) to MSTC by November 27. EMD for Indian bidders has been kept at Rs 1 crore while it will be USD 1,52,000 for foreign players.

In March, the department had claimed in a petition to the Bombay High Court that Mallya’s total disputed liability in respect of service tax was to the tune of Rs 535 crore. It was also claimed that Mallya had collected a large sum of money as service tax from flyers of the now-grounded Kingfisher Airlines on behalf of the government, but the same was not deposited in the government treasury.

Mallya, whose group company owes over Rs 9,000 crore to 17 banks, had left the country on March 2 and is believed to be in the UK. In August this year, lenders to the now-grounded airline and tax authorities had put under the hammer various movable and immovable assets of KFA for the second time, but failed to get any buyers

Courtesy : Indian Express

Aviation

Airbus and French Aerospace Firms Growing Exports from India

In a significant move to bolster its supply chain, European aerospace giant Airbus has announced plans to ramp up component sourcing from India, tapping into the country’s vast opportunities.

During a press briefing in New Delhi on October 7, CEO Guillaume Faury emphasized the strategic importance of India within the Airbus supply chain, highlighting the company’s robust network of over 100 suppliers in the region.

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Faury, who also serves as Chairman of the French Aerospace Industries Association (GIFAS), noted that there are abundant prospects for collaboration between Indian and French aerospace companies. Leading a high-level delegation from GIFAS, comprising more than 60 companies and over 100 representatives, Faury aims to foster deeper partnerships and enhance business opportunities between India and France.

“We will continue to grow our sourcing of components,” Faury stated, forecasting a doubling of component sourcing approximately every five years over the next decade. This stable growth trajectory underscores Airbus’s commitment to deepening its ties with India.

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Currently, Airbus holds an impressive order book of around 8,600 aircraft and anticipates producing about 770 planes this year. This ambitious production plan aligns with the expected surge in India’s domestic air passenger traffic, projected to reach 300 million by 2030, according to Union Aviation Minister K Rammohan Naidu.

During the briefing, Naidu also highlighted the substantial investments being made to develop India’s airport infrastructure, with $11 billion allocated for this purpose. The government plans to develop 200 additional airports over the next 20 to 25 years, significantly expanding the current count of 157 airports, heliports, and waterdromes. By the end of 2025, the number of operational airports is expected to reach 200.

“The potential for partnership between India and France is immense,” Naidu remarked, further reinforcing the collaborative spirit that Airbus and French aerospace firms seek to cultivate in India.