The Tata Group will purchase 470 aircraft from Airbus and Boeing in an effort to upgrade the Air India fleet and revive the struggling airline.
Air India
Air India announced Tuesday that it will purchase 250 Airbus aircraft as part of an agreement to revamp the former national carrier, which has been a massive drain on the public purse for decades.
Air India, which is owned by the Tata Group, plans to induct approximately 90 aircraft over the next two years In order to increase its market share and expand its presence.
Air India has signed a massive contract for over 500 new jets worth more than $100 billion at list prices, in what could be the single largest order
Tata Group Chairman N Chandrasekaran announced on Friday that Air India SATS will establish an integrated multimodal freight hub at the future Jewar airport in Uttar Pradesh in collaboration with Zurich Airport.
Air India has finalised an order for about 250 aircraft with Airbus, and the deal is expected to be revealed next week.
Air India will borrow Rs 18,000 crore from the State Bank of India (SBI) and Bank of Baroda (BoB) to refinance its existing debt over the short term. The airlines owned by the Tata Group may later seek longer loans. The borrowing will take the form of one-year loans.
Air India Express flight from Abu Dhabi to Calicut in Kerala was forced to make an emergency landing after flames were seen emerging from the engine during takeoff.
The fourth-largest market for travellers at Changi Airport in Singapore is India. As the country emerged from the pandemic-hit scenario in 2021, the airfield handled 219,000 flights and 32.2 million passengers in the previous year.
The Union Budget allocation for the civil aviation ministry has been more than halved to Rs 3,113.36 crore for the next fiscal year, owing mostly to a steep fall in the amount set aside for Air India Asset Holding Ltd.