Business
IndiGo appoints Rahul Bhatia as MD; to focus on airline’s int’l presence
Airline giant IndiGo appears to be gearing up for the challenge of tougher competition in Indian skies, appointing its co-founder and promoter Rahul Bhatia as managing director, focusing on expanding the airline’s presence in India and internationally.
The appointment comes as Tata Group buys Air India and new budget carrier Akasa Air plans to start operations.
In addition, this development has greater significance as less Covid restrictions are expected to trigger a lot of demand, not only domestically but even in the international market segment.
Notably, the appointment also signifies that the airline’s co-founders and promoters – Rahul Bhatia and Rakesh Gangwal – are in a truce following a dispute over a shareholder agreement.
On Friday, InterGlobe Aviation’s board unanimously approved Bhatia’s appointment, effective immediately, “subject to approval by members of the company.”
Bhatia said his agenda will be transformative and will focus on expanding the airline’s presence in India and international markets and building long-term growth plans.
According to IndiGo chairman Meleveetil Damodaran, Bhatia will oversee all aspects of the airline and actively lead the management team.
Ronojoy Dutta, CEO of IndiGo, said: “I describe Rahul as a restless and driven entrepreneur who is always looking for bigger and better opportunities in any business or venture. For example, our initiative with Cargo , and the last entire digital years spearheaded by Rahul.
“We are now entering a new phase of our journey with more international and long-haul flights. Strengthening the company’s thought leadership is a timely and welcome move in this changing and exciting environment.”
The appointment announcement comes on the same day IndiGo reported a year-on-year net profit of Rs 129.8 crore for the third quarter of fiscal 2022.
The airline posted a net loss of Rs 620.1 crore in the same period last year.
Total revenue for the quarter ended December 2021 stood at Rs 9,480.1 crore, up 63.5% from the same period last year.
As of December 31, 2021, IndiGo’s fleet consisted of 283 aircraft, including 56 A320 CEOs, 140 A320 NEOs, 52 A321 NEOs and 35 ATRs, with a net addition of 4 aircraft during the quarter.
The airline operates more than 1,500 daily flights connecting 71 domestic and 24 international destinations.
Complete News Source : Business Standard
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
ALSO READ- At 65.2%, Maharashtra records highest voter turnout since 1995 assembly election
Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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