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<ul><li><keyword id="8146" type="PERSON" weightage="20" keywordseo="ness-wadia">Ness Wadia</keyword> – the heir to one of India’s oldest conglomerates – was reportedly arrested in <keyword id="6355311" type="UNKNOWN" weightage="20" keywordseo="japan">Japan</keyword> in March for possession of drugs. </li><li>The reports say Wadia argued that the drug was for his personal use. </li><li>Shares of the <keyword id="55359" type="COMPANY" weightage="20" keywordseo="Wadia-Group">Wadia Group</keyword> have fallen by 17%, post his arrest. </li></ul>The heir to one of India's legacy businesses – Ness Wadia – has been arrested in Japan for alleged possession of drugs. Wadia, who is the heir to the 283-year old Wadia group has been arrested while on a skiing holidaying in Japan. He has been sentenced to jail for two years, according to <a href="https://www.ft.com/content/04135fce-6803-11e9-9adc-98bf1d35a056">Financial Times</a>. In early March, Wadia was arrested in the New Chitose Airport for the possession of cannabis. Wadia has also confessed to the possession of drugs for personal use, according to <a href="https://www.cnbctv18.com/economy/ness-wadia-wadia-group-heir-sentenced-to-2-year-jail-term-in-japan-for-drugs-possession-says-report-3131451.htm">reports</a>. The arrest of the business scion comes in the wake of Japan gearing up for Olympics 2020, where the country has become more stringent with its narcotics laws. Post Wadia’s arrest, the shares of the Wadia group have fallen by 17%, according to <a href="https://economictimes.indiatimes.com/markets/stocks/news/wadia-group-shares-plunge-up-to-17-on-ness-wadias-sentencing-in-japan/articleshow/69109255.cms">reports.</a> The Wadia group has reportedly said that Wadia is back in India. Wadia is a director in majority of the companies of the group – which is the owner of Britannia industries and also runs the airline GoAir. He is also the co-owner of the IPL team <keyword id="13883" type="COMPANY" weightage="20" keywordseo="Kings-XI-Punjab">Kings XI Punjab</keyword> along with his ex-girlfriend and actor Preity Zinta.

Ness Wadia arrested for carrying drugs in Japan, sentenced to jail for 2 years

<ul><li>Wadia who manages various businesses from biscuits-to-textiles-to-airlines, sued his childhood friend, <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> after Tata group removed him as the independent director of <keyword id="42747" type="DOMAIN" weightage="20" keywordseo="Tata-Motors">Tata Motors</keyword> for supporting Mistry. </li><li>Wadia, who was once called as the epitome of South Bombay’s old money and genteel respectability, has been a part of many corporate brawls during 1970s and 1980s. </li><li>One of the many first corporate fights was with his father, <keyword id="71087" type="PERSON" weightage="20" keywordseo="Neville-Wadia">Neville Wadia</keyword>, who was the chairman of <keyword id="55359" type="COMPANY" weightage="20" keywordseo="Wadia-Group">Wadia Group</keyword>. </li><li>Then the next battle was against the Ambanis. </li></ul>The infamous exit of Cyrus Mistry as the chairman of the $103 billion Tata group had unfolded a lot of drama in Tata boardrooms. One of its many offshoots was that it angered billionaire <keyword id="6500654" type="PERSON" weightage="20" keywordseo="nusli-wadia">Nusli Wadia</keyword> who was caught in the crossfire which culminated into a court case. Wadia who manages various businesses from biscuits-to-textiles-to-airlines, <a href="https://www.business-standard.com/article/companies/ratan-tata-steps-down-as-bombay-dyeing-s-director-113020800565_1.html">sued his childhood friend, Ratan Tata</a>. While the Mistry-Tata war was at its zenith, <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/independent-directors-of-tata-chemicals-support-cyrus-mistry-management/articleshow/55355584.cms">Wadia threw his weight behind Mistry</a>. As a result, the Tata group removed him as the independent director of Tata Motors. Wadia filed a defamation case against Ratan Tata and his Tata group. He claims that <a href="https://qz.com/india/835001/corporate-gladiator-and-jinnahs-grandson-nusli-wadia-has-entered-the-tata-battle-and-hes-going-after-his-childhood-friend/">he “never entered any dispute unless he felt wrong”.</a> And, for three years the case went on during which time his net worth doubled from $3.5 billion to $7billion in 2019, according to Forbes. Here’s how things unfolded for Nusli Wadia , who stood against Ratan Tata: 
	<div type="Slideshow" msid="73264318" hostid="261" title="Nusli Wadia could be one of the rare men who battled Ambanis and Tatas and lived to tell the take" firstImageMsid="73264426" slideCount="3"></div>

Billionaire Nusli Wadia could be one of the rare men who battled Ambanis and Tatas and lived to tell the tale

<keyword id="6500654" type="PERSON" weightage="100" keywordseo="Nusli-Wadia">Nusli Wadia</keyword>, longtime associate of Rata Tata and independent director on the boards Tata group companies like Tata Chemicals, Tata Motors and Tata Steel, has filed a Rs 3,000-crore defamation suit against <keyword id="6360722" type="PERSON" weightage="100" keywordseo="ratan-tata">Ratan Tata</keyword> and <keyword id="46894" type="PERSON" weightage="100" keywordseo="Tata-Sons">Tata Sons</keyword>. 
 
Officials close to the development said the chairman of Wadia Group has sought compensation from Tata Sons for the various accusations it levelled against him in public statements to shareholders. He says no valid reason was given for the allegations and the extraordinary general meetings (EGM) called by the group for his ouster. 
 Wadia had in November threatened civil and criminal defamation suit against Tata Sons, when the company alleged that Wadia was acting in concert with <keyword id="6356895" type="PERSON" weightage="100" keywordseo="Cyrus-Mistry">Cyrus Mistry</keyword> and against the interests of the principal shareholders by galvanising independent directors.

Now, Nusli Wadia files defamation case against Tata Sons, seeks Rs 3000 crore in damages

India is all set to celebrate its 69th <keyword id="28240" type="PERSON" weightage="20" keywordseo="Independence-day">independence day</keyword> on this August 15. Most of us connect Independence Day with the massive freedom struggle and the subsequent but tragic partition. But hardly, any of us remember the economic scenario of <keyword id="988054" type="COMPANY" weightage="20" keywordseo="British-India">British India</keyword>. The pre-independence era was the beginning of modern India—with railways being laid and the businesses expanding their horizons. 
 So this Independence Day, BI India brings you a special series on companies that were born in the pre-independence era and have now grown to be conglomerates. Our first in line would be the <keyword id="55359" type="COMPANY" weightage="20" keywordseo="Wadia-Group">Wadia Group</keyword>, founded by <keyword id="2990294" type="UNKNOWN" weightage="20" keywordseo="Sir-Lovji-Nusserwanjee-Wadia">Sir Lovji Nusserwanjee Wadia</keyword>. 
 
Image Credit: ​www.slideshare.net

#IndependenceDaySpl: Here's how the Wadia Group blossomed in British India

<ul><li>This would be the third listed airline in India after Interglobe Aviation (which operates IndiGo Airlines) and <keyword id="6358032" type="COMPANY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword>.</li><li>More than a tenth of Go Air's ₹2,000-crore debt are unpaid dues to Indian Oil Corporation for jet fuel.</li><li>The second wave of the COVID-19 pandemic has scuttled an early recovery in aviation and a rise in fuel cost, along with a weaker rupee and tepid passenger traffic, may further erode the airline's prospects in the next few months.</li><li>Read on for some interesting revelations from the company's IPO prospectus.</li></ul>Budget carrier Go Airlines, which has rebranded itself as 'Go First', has filed the prospectus for an initial public offering (IPO) worth ₹3,600 crore. The 15-year old airline owned by the Wadia Group, which also owns companies like Britannia and Bombay Dyeing, will use the money received from the share sale to repay its debt. This would be the third listed airline in India after Interglobe Aviation (which operates IndiGo) and SpiceJet (owned by former bureaucrat-turned-businessman Ajay Singh) if the IPO goes through. Go Air had raked in a loss of ₹1,270 crore for the year ended March 2020 on a revenue of over ₹7,250 crore. <div type="image" title="go air earnings" msid="82627649" hostid="261" caption="&amp;lt;p&amp;gt;Graphics by Business Insider India&amp;lt;/p&amp;gt;"></div> It is now focusing on ultra low cost carrier model. Of a fleet of 55 that the Wadias' airline had at the end of March 2021, 46 of them were A320 NEO aircraft. The company intends to add another 16 planes to its fleet by March 2024. Aside from a massive debt of over ₹2,000 crore, Go First has been dealing declining market share too. More than a tenth of that is the money owed to the state-owned Indian Oil Corporation for jet fuel already bought. Just about six months ago, in November 2020, the company's auditors had expressed doubts about the then Go Air's ability to continue its business, the disclosures in the IPO prospectus showed. After that, the company got an emergency credit line from banks in February 2021. These are a few other interesting revelations from the prospectus: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Paid by Go Air (now called Go First) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15,81,000 a month </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rent paid to Bombay Dyeing for using the premises on the first floor of Wadia International Centre in Worli from July 2016 to July 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,88,000 a month </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rent paid to Bombay Dyeing for the space on the third floor for Wadia International Centre. The lease started in Dec 2019 and will go on till Nov 2024 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed amount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Go Airlines' registered office is owned by Britannia (which is also owned by Nusli Wadia and Ness Wadia) </td></tr></tbody></table>Source: Draft Red Herring Prospectus filed with the Securities and Exchange Board of India In 2019, when it was reportedly planning an IPO, it was flying at least one in every ten air passengers in India. That share was down to 7.8% at the end of March 2020. A crisis like this makes the more resilient players stronger and that's possibly why IndiGo has increased its market share to at least one in every two passengers who took flights in each of the last three months. <div type="image" title="airline market share." msid="82626874" hostid="261" caption="&amp;lt;p&amp;gt;Graphics by Business Insider India&amp;lt;/p&amp;gt;"></div> The second wave of COVID-19 pandemic has scuttled an early recovery even for Go First's bigger peers. Passenger traffic was still less than half (45%) of what it was before the pandemic struck and about one in every flights were idling in April 2021, according to a report from the broking firm Centrum dated May 5. International crude oil prices are expected to rise and that would mean the cost of jet fuel will also rise, unlike the passenger traffic. And, the impact could get worse if the rupee loses value against the dollar. "Looking at the current climate of subdued demand, a depreciating rupee (impacting 65-70% of costs including fuel), rising ATF (aviation turbine fuel) prices and daily cash burn, we continue to have a negative stance on the aviation industry," a BOBCAPS report dated April 30 said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/heres-why-the-spike-in-inflation-in-the-us-may-worry-markets-in-india/articleshow/82597218.cms">Here's why the spike in inflation in the US may worry markets in India ⁠— but experts say don’t panic yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-responds-to-privacy-criticism-by-alleging-other-apps-like-zomato-ola-aarogya-setu-zoom-google-and-other-apps/articleshow/82570897.cms">WhatsApp responds to privacy criticism by alleging that other apps and tech companies also show disdain for user privacy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-realised-that-he-cant-champion-both-renewable-energy-and-bitcoin-at-the-same-time/articleshow/82603087.cms">Elon Musk realised that he can’t champion both renewable energy and Bitcoin at the same time — here’s why</a>

Go Air has filed for a ₹3,600 crore IPO at a very desperate time

<ul><li>In a first, McDonald's India partnered with <keyword id="8190094" type="UNKNOWN" weightage="20" keywordseo="Retail-Associations-Skill-Council-of-India">Retail Association’s Skill Council of India</keyword> (RASCI) to launch an undergraduate course in retail operations in India. </li><li>It will be a three-year Bachelor of Business Administration (BBA) programme in retail operations, which will include both classroom course and on-the job training. </li><li>The programme, which will study the aspects of retail operations will be conducted at <keyword id="1116394" type="ORGANIZATION" weightage="20" keywordseo="Ness-Wadia-College">Ness Wadia College</keyword> in Pune and the on-the-job training will be across McDonald's restaurants in the West and South region.</li></ul>In a first, McDonald’s India partnered with Retail Association’s Skill Council of India (RASCI) to launch an undergraduate course in retail operations. The course will train skilled floor managers for retail stores. It will be a three-year Bachelor of Business Administration (BBA) programme in retail operations. It will include a classroom course and on-the job training. "We are confident that our robust training programmes and best-in-class processes will provide a strong foundation for students to acquire skills, enabling livelihood and growth in the burgeoning retail industry," Seema Arora Nambiar, Senior Vice President, Menu, Marketing and People Resources, Hardcastle Restaurants — which operates McDonald’s — <a href="https://retail.economictimes.indiatimes.com/news/food-entertainment/food-services/mcdonalds-india-west-and-south-furthers-the-governments-skill-india-mission/71453954">told</a> news agency ANI. The programme will be conducted at Ness Wadia College in Pune. The students will be given on-the-job training across McDonald's restaurants in the West and South region. The programme aims to create a deployment-ready talent pool. "We are privileged to be one among the 10 institutions in India and the only one in Maharashtra to be selected by MHRD and MSDE to launch the programme. We are sure that the programme will give students a competitive edge and help the industry hugely," Dr Girija Shankar, Principal, Modern Education Society of Ness Wadia College of Commerce said. See also: <a href="https://www.businessinsider.in/heres-how-you-can-open-a-subway-store-in-india-and-earn-1-5-crore/articleshow/71256846.cms">Open a Subway store in India and make ₹1.5 crore. Here’s how to do</a> <a href="https://www.businessinsider.in/mcdonalds-india-same-store-sales-grow-in-the-times-of-zomato-and-swiggy/articleshow/70564950.cms">McDonald’s India franchisee explains why it gets more customers to its stores despite discounts and convenience of Zomato and Swiggy</a> <a href="https://www.businessinsider.in/mcdonalds-just-earned-a-profit-in-india-for-the-first-time-since-launching-in-the-country-over-two-decades-ago/articleshow/67266716.cms">McDonald’s just earned a profit in India for the first time since launching in the country over two decades ago</a>

McDonald’s to give students hands-on experience in retail operations

Facing tough competition from the unorganised sector, one of the oldest textile businesses in India, Bombay Dyeing &amp; Manufacturing Company Ltd would sell its textile manufacturing unit at Ranjangaon in Pune for Rs 230 crore. 
 The company is closing the last of its manufacturing units also due to increasing imports from Taiwan, China and <keyword id="6354759" type="COUNTRY" weightage="60" keywordseo="Bangladesh">Bangladesh</keyword>, according to an Economic Times report. The Wadia group flagship's textile processing unit at Ranjangaon is being sold on a "slump-sale basis", or without assigning specific values to individual assets and liabilities, to a firm called <keyword id="2888373" type="UNKNOWN" weightage="80" keywordseo="Oasis-Procon-Pvt-Ltd-">Oasis Procon Pvt Ltd.</keyword> 
	 

	The Ranjangaon facility was built after the Nusli Wadia-led company decided in 2005 to undertake a strategic business restructuring and shut down manufacturing activities in two prime locations in Mumbai. 
	 

	Moreover, the Ranjangaon unit was built to cater to exports and institutional sales. However, this did not work as per plan. The company earlier admitted that the unit is no longer viable. 
	 

	The sale of the unit may not have any impact on the company's existing retail business and its brand — Home &amp; You — Bombay Dyeing. But it may have some sentimental impact on those associated with the firm. The company was established by Nowrosjee Wadia in 1879. "It is a pragmatic call. It is not core to their business," said <keyword id="359392" type="PERSON" weightage="80" keywordseo="Arvind-Singhal">Arvind Singhal</keyword>, chairman at consulting firm Technopak, who closely tracks the textile industry. "Bombay Dyeing has struggled with the textile business for almost two decades," he said. "The focus has clearly shifted to monetising real estate ... The value of the land on which its factories stood once is much more valuable than its textile business." For the Wadia group, biscuit maker <keyword id="6359432" type="PERSON" weightage="80" keywordseo="Britannia">Britannia</keyword> is now the crown jewel, along with the real estate business of Bombay Dyeing and budget airline <keyword id="6356167" type="COMPANY" weightage="80" keywordseo="GoAir">GoAir</keyword>. The airline venture is profitable and would require funds for expansion. 
	 

	Bombay Dyeing is shutting down the textile processing plant at a time when home textile manufacturers in India have developed an edge over their Chinese and Pakistani peers. In 2014, Mukesh Ambani's <keyword id="6355199" type="CITY" weightage="80" keywordseo="Reliance-Industries">Reliance Industries</keyword> decided to sell its textile brand Vimal to a joint venture, with its Chinese partner <keyword id="288269" type="COMPANY" weightage="80" keywordseo="Shandong-Ruyi">Shandong Ruyi</keyword> Science &amp; Technology Group holding a 49% stake. 
	 

	(Image: Reuters)

One of India’s oldest textile companies’ is selling off its last factory. Know why

Go-Air will have its first major expansion drive since its inception 10 years ago, under the able-leadership of its new CEO <keyword id="289256" type="PERSON" weightage="100" keywordseo="Wolfgang-Prock-Schauer">Wolfgang Prock-Schauer</keyword>. The Wadia Group-owned airline will receive the first of its 72 ordered aircraft early next year. That will increase its fleet size to 20, helping <keyword id="6356167" type="COMPANY" weightage="100" keywordseo="GoAir">GoAir</keyword> meet the requirement to fly international — five years' domestic flying experience and a fleet of at least 20 planes. 

	"Basically, the logic of this business (short-haul international travel) and customer needs are very similar to domestic travel. They all want reliable affordable transportation," Prock-Schauer told ET.
 

	He particularly sees an opportunity in the Gulf and surrounding markets in the East. "The flights are (on average) three hours, which is not very different from a flight to the south or Kolkata," he said. 
 

	GoAir operates a fleet of Airbus A320s, with which "you can do a lot of things", Prock-Schauer, 58, said. He has been in this industry for three-and-a-half decades and had headed different airlines in different countries, including Jet Airways, British Midland Airways and Air Berlin. He was also chairman, management board at the Star Alliance, the world's largest airline group, in 2002 and 2003.
 

	"Prock-Schauer is extremely well networked and brings a lot of experience on international operations and alliances to the table,"said KG Vishwanath, Jet's ex-vice president for commercial strategy and investor relations.
 

	Prock-Schauer is, however, quick to clarify that GoAir's focus will remain domestic operations and profitability. "In whichever market you are, you must be a viable, strong player. If you spread over too many markets, you are not strong...simplicity is the key thing," he said. 
 GoAir plans to more than double the number of destinations in its network and increase daily flights and annual passenger count by about four times in the next five years, its managing director, <keyword id="145370" type="PERSON" weightage="100" keywordseo="Jeh-Wadia">Jeh Wadia</keyword>, had said in a recent interview. He had also said flying international is more about "glamour" than anything else. 

	Despite, or perhaps due to its limited ambitions, GoAir has remained profitable in the last few years. Prock-Schauer is keen to keep it that way through its expansion. 
 

	The Austrian has been somewhat of a scale-up expert. In his first job with Austrian Airlines, he oversaw its expansion from 20 planes to 100. During his six year-plus stint at Jet Airways, he presided over its fleet expansion from 40 planes to more than a hundred, its first international flights to Colombo and later to London, its public listing and acquisition of Air Sahara.
 

	Prock-Schauer crafted a lot of Jet's codeshare agreements with international airlines. Vishwanath recalls a time in 2005-06 when the airline added 20 planes within a span of 18 months. He, along with Jet's former executive director Saroj Datta, made sure the fleet expansion was backed by rapid network enhancement plans, adequate recruitment of crew and engineering support.
 

	Since leaving Jet in 2009, he headed restructuring programmes at British Midlands and Air Berlin. 

	He also headed two low-cost airlines — Bmibaby, a subsidiary of BMI (British Midlands) and Niki, a subsidiary of Air Berlin.
 

	"I have seen it from both sides. I know both business models," Prock-Schauer said.
 

	"While running Niki, I realised how much simpler it (the low-cost model) is and how many more opportunities you have if you are low -cost," he said. "Full-service carriers are vulnerable. Everyone goes for price and the airline which has the lowest cost base is the winner."
 
 

	Prock-Schauer agrees with Wadia that it's important to be cautious when scaling up. He has seen the perils of mindless expansion from close quarters more than once.
 

	Jet acquired Sahara in 2007. The airline came with a huge debt and has remained a loss-making unit, impacting its parent's finances.
 

	BMI, which Prock-Schauer headed between 2009 and 2012, acquired several airlines and itself changed hands twice in complex deals—to Lufthansa and International Airlines Group that owns British Airways—before it shut shop in 2012 due to growing losses and unsustainable finances.
 

	"I think organic growth is the best growth for an airline," Prock-Schauer said, admitting it's a lesson he learnt from his many years of experience.

	Prock-Schauer quit Air Berlin at the end of February 2015 and joined GoAir in end May.
 "I believe in the Indian market. You can see the <keyword id="6356076" type="UNKNOWN" weightage="80" keywordseo="indian-economy">Indian economy</keyword> is picking up," he said. 

	His predecessor, Giorgio De Roni, quit GoAir in March on health grounds. The airline's chief operating officer, Tim Jordan, too, has gone on sick leave after a couple of months in office.
 

	In Wadia's interview, he had said expats sometimes find it difficult to adjust to Indian conditions. Prock-Schauer wouldn't have that problem, having fond memories of Mumbai from his seven year stay in the city. A colleague at GoAir and Vishwanath were unanimous in counting Prock-Schauer's approachability to all employees as one of his key attributes. 
 In September 2009, when Jet faced one of its worst cabin crew and pilot strike and a fierce standoff with the management, Prock-Schauer was one of the key spokespersons for the employees, convincing chairman <keyword id="122732" type="PERSON" weightage="20" keywordseo="Naresh-Goyal">Naresh Goyal</keyword> to consider their point of view. He quit later that year. 
	 
	(image credits: deccanchronicle)

CEO Prock-Schauer envision to take GoAir to new heights

Mumbai (Maharashtra) [India], August 1 (ANI): At the Indian Premier League (IPL) owners meet, which was organised by the Board of Control for Cricket in India (BCCI), <keyword id="19907060" type="General" weightage="20" keywordseo="Delhi-Capitals" source="keywords" meta.keywordsubtype="org" meta.entityname="Delhi Capitals" meta.hostid="83" meta.entityid="Delhi Capitals">Delhi Capitals</keyword> (DC) was against the <keyword id="21099854" type="General" weightage="20" keywordseo="Impact-Player-rule" source="keywords">impact player rule</keyword> while <keyword id="1494441" type="General" weightage="20" keywordseo="Sunrisers-Hyderabad" source="Orion">Sunrisers Hyderabad</keyword> was (SRH) in favour of seven retentions, according to ESPNcricinfo. BCCI organised the meeting with the owners of the ten franchises to discuss various points concerning retentions for the upcoming <keyword id="19701758" type="General" weightage="20" keywordseo="IPL-2025" source="Orion">IPL 2025</keyword> season. According to the report, the frequency of the mega auctions and the auction purse were among the other points discussed. After the meeting, the Delhi-based franchise co-owner Parth Jindal said that some teams want the impact player rule because it gives a chance to the young players to play in the T20 tournament. "Some people want it because it gives a chance to young players to play in the IPL. Some people don't want it because it is detrimental to Indian cricket in terms of the development of allrounders. So it's a mixed bag. I'm on the second camp. I don't want it. I prefer the game as it is 11 versus 11, and I think allrounders are very important. And you have different players who don't bowl in the IPL or don't bat in the IPL because of this rule, which is not good for Indian cricket," Jindal was quoted by ESPNcricinfo as saying. The report stated that Sunrisers Hyderabad owner Kavya Maran suggested that "players could be secured via a plain retention process or a combination of retention and RTM at the auction or all exclusively via the right-to-match (RTM) card." As per the reports, the IPL 2024 winner Kolkata Knight Riders (KKR) asked BCCI that eight players should be bought back exclusively via the RTM method. The co-owner of Delhi Capitals added that he was 'surprised' to see that few franchises were against the <keyword id="21154992" type="General" weightage="20" keywordseo="mega-auction" source="keywords">mega auction</keyword>. "I was surprised. There was a debate. Some people said that there should not be a mega auction at all. There should be only smaller auctions. I'm not in that camp. I feel that I feel that it evens the playing field and it's very good for everyone. It makes the IPL what it is. It makes it competitive. It makes it an even playing field," Jindal added. BCCI secretary Jay Shah, co-owner of Punjab Kings Ness Wadia, and Kolkata Knight Riders owner <keyword id="19895142" type="General" weightage="20" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword> were spotted after the meeting. After the conclusion of the meeting, Wadia didn't spill the beans on the discussion that took place during the meeting but stated that the overall discussion was good and that whatever outcome comes will be in the best interest of everyone. "It was a good meeting. Happy to be having a discussion with the BCCI, and I think whatever will be done will be in the best interest of everyone, the fans, cricketers and stakeholders. Maybe the outcome will come in the next two weeks, maybe less or maybe more," Wadia told reporters.

IPL owners meet: Delhi Capitals against impact player rule; Sunrisers Hyderabad want 7 retentions

Mumbai, May 4 () Budget carrier GoAir is seeking financial support from the government amid the coronavirus pandemic and has paid salaries to some of its employees on deferred basis, according to a communication. In the communication to the company's employees on Sunday, Wadia Group Chairman Nusli Wadia and GoAir Managing Director Jeh Wadia also said the carrier remains focussed to restart operations and resume flights as soon as the lockdown is lifted with a full recovery of its network anticipated within a few months."The world over, airlines are getting substantial financial support from governments to tide over this unprecedented crisis (coronavirus pandemic), primarily to enable them to meet employee requirements, and also to sustain and restart operations and maintain the viability and structure of their balance sheets," GoAir said in the communication. These airlines have also been given substantial support from banking systems with the help provided by federal banks, it added."We continue to vigorously pursue similar options with our government so that we can, most importantly, improve the position of our employees and also the sustainability of our airline," it said. GoAir said the airline has been requesting the Indian banking system for financial support but they have not yet reached a conclusion on how they should financially support the airlines despite various advisories from the RBI, it said.The airline had very little revenue in the first 17 to 24 days of March and zero revenue thereafter, GoAir said adding that it also has to meet all its expenses and liabilities toward its stakeholders such as lessors, suppliers of fuel and engineering, airports and other major expenses. The nationwide lockdown to curb the COVID-19 pandemic was imposed with effect from March 25 and commercial flight operations have remained suspended since then. "Despite the lack of government support, GoAir released full salaries to about 2,500 less fortunate employees, equivalent to 40 per cent our workforce, with the remaining employees getting paid on a graded and deferred basis," the company said.With no inflow of cash, which the company anticipates will continue through the end of May, and with no support forthcoming from either the government or the banking system, "we were left with no alternative but to make the unfortunate and sad decision to pay the March earned salaries over March and April," the airline added.GoAir said it has closed the sale of all tickets on flights operating through May 31 upon instructions from the government, adding," we do not expect to resume commercial flying prior to June 1, but we are in continuous touch with the Civil Aviation Ministry and are monitoring the situation closely."The airline also said it has been in continuous touch over the past several weeks with the aviation ministry and the government for financial assistance and structural changes, both fiscal and non-fiscal, but so far no concrete measures have been forthcoming."However, our discussion with lessors, partners and suppliers is progressing with most industry related playersbeing understanding and willing to work with us to try to find suitable solutions," it added."With the exception of 2,500 employees, who are the least fortunate amongst us in the GoAir family, we were also forced to place a substantial portion of our employees on temporary leave without pay. The limitations on our resources are not of our own making and the sacrifices we are imposing on you are sadly beyond our control," the airline said.GoAir CEO has taken a 50 per cent pay cut and voluntarily deferred most of his balance compensation, and the senior management too have taken substantial pay cuts and have also deferred a portion of their compensation. It also said in preparation to resume operations the airline has reviewed and is executing all the requirements related to health and safety in the context of the pandemic. IAS ANUANU

GoAir pitches for govt support to tide over COVID-19 crisis

Mumbai, Mar 26 () Wadia Group aviation venture GoAir has written to civil aviation ministry and sector watchdog DGCA, offering its grounded aircraft fleet, cockpit and cabin crew, and airport staff for carrying out emergency services and repatriation of citizens. Regular passenger air services are suspended in the country till April 14 amid the 21-day nationwide lockdown, which is in place from Tuesday mid-night, as part of the larger efforts of the government to contain COVID-19 (coronavirus), which has wreaked havoc in several developed economies. This has left the entire fleet of over 650 planes with the domestic air operators grounded, along with huge manpower with no work. Moreover, stringent border control measures by various countries, including India, to deal with the unprecedented situation has left thousands of people stuck in different territories, and governments are operating special flights to evacuate their stranded citizens. GoAir has reached out to the civil aviation ministry and the Directorate General of Civil Aviation (DGCA) and offered its services in the wake of a complete lockdown across the nation, the airline said in a statement to on Thursday. The budget carrier's proposal came a day after market leader IndiGo made a similar offer to the government. "Everyone around the world is facing an unprecedented challenge as we try and battle this global pandemic," it said. The Mumbai-headquartered passenger air carrier has a workforce of around 5,500 personnel to operate its fleet of 56 planes. "GoAir airline is fully supportive of the initiatives announced by Prime Minister. In fact, we were the only airline to respond to Prime Minister's call to observe Janata Curfew on March 22 by suspending all our flights on that day. With our state-of-the-art fleet of Airbus A320 aircraft, GoAir is on stand-by for any flight that the government may want us to fly," GoAir Managing Director Jeh Wadia said. The airline, in the letter, has proposed that it can help in services such as ship cargo on behalf of the government, essential services such as medicines, food grains, ship manpower who would carry out emergency services: doctors, nurses, para medics, relief workers. Besides it can also help in repatriation of stranded Indian citizens and expats to each other's countries as well as bring back people stuck in various states within the country to their respective places. IAS RVK

GoAir offers govt its aircraft, crew for emergency services

Crossing the 10% mark for the first time, Wadia Group-promoted <keyword id="6356167" type="COMPANY" weightage="100" keywordseo="GoAir">GoAir</keyword> achieved 10.1% market share in June. This was fuelled by the growth in the number of passengers, which went up by 29.1% as compared to the corresponding period last year. 
 
"The results are a consequence of deploying additional capacity in metro to non-metro routes, where growth has been consistently strong. We have now more than 70% of our capacity deployed on such routes with Srinagar, Pune, Goa, Nagpur and Patna being the strongest non-metro catchment areas," GoAir CEO Giorgio De Roni said. 
 
The airline has recorded a positive growth in the market share for three successive months, the airline said.

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