This is the first formal statement by the group on Air India since the government announced its decision to sell the airline earlier this year. “We are subscale. We got two airlines (Vistara and AirAsia) both are subscale. So that is a company we are going to find a solution very quickly”, he said. “The only model that makes money is Indica, every other model makes losses”, Chandrasekaran said. I feel scale is important, in every industry in every group we operate in scale is important.
When CNBC TV18 asked him whether Tata had spoken to Singapore Airlines about its interest in bidding for Air India, Chandrasekaran replied, “Do you think I would have not.?”
Last month the government invited bids to appoint financial and legal advisors for the sale process.
Following media reports that the Tata Group is looking to shut down its telecom unit – Tata Teleservices, one of its business partners, American Tower Corporation (ATC), said on Monday that its contract with Tata Teleservices is “non-cancellable” and that it is “valid for another six years”.
Once the nation’s largest carrier, its market share in the booming domestic market has slumped to 13 percent as private carriers expanded.
As Tata Teleservices, the telecom unit of Tata Sons, gears up to shut shop after 21 years of operation, numerous questions are being raised about its decision.
Tata Steel has also planned to enhance the capacity of its Kalinganagar project in Odisha to 8 million tonne per annum, he had said. “Circles heads of Tata Teleservices whose resumes we are placing have been given time till March 31 and were told of this in September”.
British luxury carmaker Jaguar Land Rover has always been the main source of revenues and profits at Tata Motors.