Business
Singapore Airlines not to join Tata Group in bid for Air India
by S Venkat Narayan
Our Special Correspondent
NEW DELHI, January 30:
Singapore Airlines (SIA) is not keen to join India’s Tata Group in its bid for state-owned Air India, The Economic Times has reported quoting informed sources.
The Tata Group had hoped to rope in SIA and make the bid by way of their Vistara three-way partnership. The SIA has waived their no-compete clause, permitting the Tata Group to go forward with a solo bid for the ailing Air India.
Tata had been attempting to influence SIA to affix it on the Air India bid for months. A key cause for SIA’s reluctance is alleged to have been the long-term funding that Air India might need to return to viability.
Tata Sons, the holding firm of the conglomerate, cannot bid without SIA’s approval and its waiver of the no-compete clause. Tata may bid by itself or by way of its AirAsia India unit, in which it has been rising its stake, decreasing that of three-way partnership companion AirAsia Bhd.
While there are some challenges relating to this latter avenue, the group can work round them, executives said.
The Indian government is expected to take the process forward after shortlisting bidders for the airline by the end of the month.
“Putting in a bid through a particular entity is just a formality and not a challenge,” said a group executive. “The real work starts when EY will begin the due diligence on the bid once the government gives us the access to the data room.”
SIA declined to comment. “Singapore Airlines does not comment on investment opportunities, including in India,” said a spokesperson.
Like its global peers, the SIA too has been hit by the pandemic, forcing it to cut pay and retrench employees. The airliner will need to pump funds into itself rather than commit funds to Air India.
The Tata Group had been eager to make the bid by way of Vistara, which is also a full-service airline, and would have meant operational synergies. Tata Sons holds 51% of Vistara and SIA owns 49%. The firm is registered as Tata SIA Airlines Ltd.
AirAsia Bhd is understood to have released Tata from their no-compete clause, leaving the latter free to bid for Air India.
The Air India privatisation programme additionally consists of Air India Express, its regional worldwide low-fare arm. Tata Sons is elevating its stake in AirAsia India to 87% from 51%. The companions have been in talks to part ways as AirAsia Bhd plans to exit loss-making companies in India and Japan.
The Air India divestment has obtained expressions of interest from three entities, including the Tata Group. One of the choices being thought-about is getting a new group entity to bid for the enterprise. The Tata Sons M&A workforce and CFO Sourav Agarwal have been examining the financial contours of a possible transaction.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
