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
Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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