&w=3840&q=100)
Mood turns sombre at Bombay House after Air India Dreamliner crash
Grief hung heavy over Bombay House, Tata Group's iconic headquarters, after a London-bound Air India Dreamliner crashed shortly after takeoff from Ahmedabad on Thursday — one of the deadliest air disasters in recent Indian aviation history. The mood inside the building, usually abuzz with activity, was subdued as news trickled in of the tragedy involving the airline the group had reacquired just over two years ago.
Tata Group, which took back the reins of Air India in January 2022, moved quickly to activate its crisis response and emergency protocols, a group source said. 'Everyone is shaken — the mood is grim,' said an executive.
The crash has dealt a blow to the conglomerate's efforts to turn around Air India, especially following its merger with Vistara in 2024.
Tata Sons and Air India Chairman N Chandrasekaran rushed to Ahmedabad on Wednesday and met Gujarat Chief Minister Bhupendrabhai Patel to assess the situation. 'An emergency centre has been activated and a support team set up for families seeking information,' Chandrasekaran said in a statement.
Tata Sons, the group's holding company, holds a majority stake in Air India alongside Singapore Airlines.
Tata Trusts Chairman and Tata Sons director Noel Naval Tata, who works out of Bombay House, also monitored developments, as several planned events were called off in the aftermath. The group was scheduled to unveil a new concept car from Jaguar Land Rover on Saturday at the Jio World Centre in Mumbai. The event will go ahead as planned, but without fanfare. A UK knighthood ceremony for Chandrasekaran, scheduled for Friday, has been postponed.
For Tata Group, the tragedy is a double blow. Tata AIG General Insurance Company, part of the consortium that insured the aircraft, is expected to bear a portion of the financial liability. However, most of the risk is reinsured, limiting direct exposure. A source said the airline's insurance premiums are likely to rise next year when the policy comes up for renewal.
The immediate focus remains on rescue operations and supporting the investigation, even as Tata executives assess the broader impact on the group's aviation strategy. The airline, founded by the Tatas, was nationalised in 1953 and reacquired in 2022 after the Narendra Modi government decided to privatise it.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
30 minutes ago
- Mint
Bain Capital-backed CitiusTech exploring acquisitions, to evaluate IPO
Bain Capital-backed CitiusTech, a healthcare technology services company, is planning to grow through acquisitions and will evaluate an IPO this year, either in the US or India, chief executive officer (CEO) Rajan Kohli told Mint in an interview. 'It is very much in our growth path," Kohli said, referring to the company's plan to list on the exchanges. 'We will evaluate [it] this year if the markets are good," he said, adding that the company will evaluate listing in either India or the US. The firm's primary market is the US, accounting for 95% of its revenues. Its investors are Bain Capital Private Equity and EQT Private Capital Asia (previously Baring Private Equity Asia). Also read: FPI Tracker: Telecom, services, capital goods corner major chunk of inflows; IT, healthcare face heavy selling in May In 2022, Bloomberg reported, citing people in the know, that CitiusTech had filed confidentially for a US IPO. The health tech firm is planning expansions in Europe and Japan, as demand for healthcare technology services increases among medtech, healthcare, and life sciences companies. Kohli said that the firm's specialised focus on healthcare gives it an edge over large Indian IT service companies that cater to various industries. A few other Indian companies are focused solely on healthcare tech services, like IKS Health, which was listed on the exchanges in December 2024 and posted ₹2,664 crore revenue in FY25. Acquisitions drive growth The firm is looking at acquisitions this year to drive growth. 'We didn't make any acquisitions for the last two years because the valuation was not great in the market," Kohli said, adding that this year the company is targeting two acquisitions, provided it finds targets that meet its requirements. CitiusTech is exploring acquisition options which would strengthen its foray into Europe as well as enhance its abilities in the healthcare provider market. Also read: Jainik Power and Cables IPO allotment to be out soon: Here are steps to check status online and GMP The company had previously stated a target of $1 billion in revenue by FY28, which it is still aiming for, Kohli said. 'On an organic basis, we continue to grow as per plan," he said. The company is expecting mid-teens revenue growth in FY26, after high single-digit revenue growth in FY25, Kohli said. While it hasn't yet posted its FY25 results, it clocked revenue of ₹3,536 crore and a profit of ₹350 crore in FY24. GenAI tailwind Kohli sees GenAI as a significant tailwind driving growth, as companies look for cost optimisation solutions. '...today, 25% of our clients give us the opportunity to use GenAI tools. I think in one or two years, 80-100% of our clients will allow GenAI-produced code into their environment," he said. Also read: Aten Papers & Foam IPO Day 1: Check subscription status, GMP, and other details Being a healthcare-focused service provider gives CitiusTech an edge as well, according to Kohli. 'It is a huge advantage being just focused on healthcare because a lot of our clients buy us because of our specialised capabilities. All our investment, all our R&D, all our training goes into healthcare only," he said.
Fashion Value Chain
33 minutes ago
- Fashion Value Chain
Ratnaafin's Debut Campaign ‘Ratnaafin Hai Toh Possible Hai' Launched to Empower MSME Entrepreneurs in India
Ratnaafin, an NBFC focused on empowering MSMEs and small business owners with customised financial solutions to make their dreams accessible, announces the launch of its new film, celebrating entrepreneurs. Ratnaafin has consistently bridged the credit gap by offering business loans, solar loans, supply chain finance, machinery loans, and more-helping enterprises scale, innovate, and thrive in the Indian business community. From business loans to solar financing, working capital to micro loans against property, Ratnaafin offers tailored products for real business needs and has served over 25,000+ customers across 35 branches in India. Saatchi & Saatchi is the creative partner and ideator behind the campaign's concept and execution, capturing the grit that defines an Indian entrepreneur's journey through this film. Watch the film – The TVC follows the lives of four small business owners across industries-a printing press operator expanding production, a Kirana shopkeeper upgrading his retail operations, a home-based achaar brand reaching wider markets, and a boutique owner growing her brand. As we follow their stories, struggles, and successes, we witness the sheer perseverance that defines the Indian entrepreneur. The campaign gives us a glimpse into the importance of choosing the right financial partner to guarantee the success of an MSME. Whether its upgrading a Kirana store, expanding a home-based achaar business, or elevating a boutique's brand presence, the right partner makes all the difference. Entrepreneurial success in a dynamic and competitive landscape relies as much on funding as it does on human resilience and grit. Malav Desai, Managing Director & CEO, Ratnaafin, said, 'This campaign reflects our core belief – that with the right partner, even the boldest dreams are achievable. 'Ratnaafin Hai Toh Possible Hai' goes beyond transactional finance to celebrate the spirit of India's business owners. At its core, this is about trust, support, and enabling the backbone of our economy – our MSMEs.' Sunay Jain, Head – Marketing and Digital Business at Ratnaafin, proudly added, 'Businesses are more than balance sheets. At Ratnaafin, we look deeper-into the midnight oil burned, the risks taken, and the perseverance that MSME owners show every single day. While others may look at paperwork, we see passion. We believe your work speaks louder than your name. That's the kind of business we back. Because when your kaam is strong, your name builds itself.' Ratnaafin is proud to be recognised as a CRISIL A+ rated, stable, and trusted NBFC with a strong foundation in financial discipline. Entrepreneurial resilience is the centrepiece of this campaign, reinforced by Ratnaafin's unwavering support-not just as a lender, but as a true partner. Running across digital platforms, social media, and regional television channels, the campaign showcases how every step, every challenge, and every decision is taken together-with confidence, courage, and cooperation. This campaign, as Ratnaafin's first foray into nationwide brand-building, marks a crucial milestone, with a poignant storyline that goes beyond numbers and touches hearts. It shows that business is more than balance sheets-it's about showing up every day, being relentless in the face of hardship, and doing whatever it takes to make your dreams possible. That is what Indian entrepreneurs are made of, and that is what Ratnaafin acknowledges. Rohit Malkani, CCO, Saatchi & Saatchi, said, 'Jo pai pai se shuru kiya, wo business badhta jayega' reflects the heart of the film. It's a message from one business owner to another. It's not about struggle or success. It's about belief. Belief that if you keep building and showing up every day, what starts small will grow. That's the feeling we wanted to leave people with.' About Ratnaafin Ratnaafin is an RBI-registered NBFC dedicated to empowering MSMEs, business owners, and entrepreneurs with accessible and customised financial solutions. The company has consistently bridged the credit gap by offering business loans, solar loans, supply chain finance, machinery loans, and more-helping enterprises scale, innovate, and thrive. Its deep understanding of India's evolving business landscape makes Ratnaafin the perfect partner in an entrepreneur's financial journey. A seamless digital interface, speedy approvals, and need-based products tailored to each client are just a few tools in its arsenal. With a strong commitment to fuelling the entrepreneurial fire of India, Ratnaafin uses its expertise and integrity to turn possibility into success. About Saatchi & Saatchi India Saatchi & Saatchi India, part of the Publicis Groupe India, is a full-service communications agency specializing in traditional and digital advertising, branding, design, UI/UX, content and brand consultancy. Saatchi & Saatchi offers its suite of services across clients like Hero MotoCorp, Renault, NIVEA, Standard Chartered Bank, ITC, Dabur, Akasa Air, Jockey, P&G, Zee, Zepto, ITC, Relaxo and many more. Core to the agency's DNA is a culture of ownership and the belief that 'Our Clients Business is Our Business' which keeps clients' business goals at the heart of everything. The agency has over 350 employees across its offices in Mumbai, Delhi, Kolkata, and Bengaluru.
Time of India
37 minutes ago
- Time of India
AI 171 crash fallout: DGCA order enhanced checks for Air India Dreamliners with GE engines
NEW DELHI: Air India Boeing 787 Dreamliners powered by General Electric GEnx engines will now operate under enhanced safety inspections. The Directorate General of Civil Aviation (DGCA) issued this directive a day after an AI Dreamliner's (VT-ANB) accident crashed in Ahmedabad seconds after taking off for London, killing 241 people onboard and several others in the building on the roof of which it had crashed. As a 'preventive measure,' the regulator has directed AI to 'carry out additional maintenance actions on B787-8/9 aircrafts equipped with GEnx engines with immediate effect in coordination with the concerned regional DGCA offices.' While B787-8 are Dreamliners of AI, the B787-9 version was in the fleet of Vistara, which merged into AI last Nov. The additional checks mandated for AI include: 'One time check before departure of flight from India from June 15, 2025, (12 am) onwards. Inspection of fuel parameter monitoring and associated system checks. Inspection of cabin air compressor and associated systems. Electronic engine control-system test. Engine fuel driven actuator-operational test and oil system check. Serviceability check of hydraulic system. Review of take-off parameters. 'Flight control inspection' to be introduced in transit inspection till further notice. Power assurance checks to be carried out within two weeks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo Closure of maintenance action based upon the review of repetitive snags during the last 15 days on B787-8/9 aircraft at the earliest.' AI has to submit report of these checks to the DGCA for review. Like all initial Dreamliners, VT-ANB had its share of troubles like windshield crack soon after it was inducted in AL fleet in 2014. But Boeing was able to overcome these teething troubles with its mid-range wide body aircraft, with the most serious being overheating of lithium-ion batteries on the Dreamliner. In Jan 2013, all Dreamliners were briefly grounded globally due to safety concerns related to lithium-ion batteries. Once the systemic issues were sorted out, VT-ANB — like all aircraft — also had its share of other snags. Most recently, while flying as A! 148 from London to Hyderabad on Nov 17, 2021, it had diverted to Ankara due to fuel leak. 'There are 1,148 Boeing 787 variants in service globally, with an average age of 7.5 years old. Air India had 34 of the Boeing 787 in service at the time of the incident, including this aircraft. The airline has an additional 20 787 on order and letter of intent for options an additional 24 aircraft. In total, Air India has 190 aircraft, with an average age of 8.4 years old,' according to flight data site Cirium. In a statement, GE Aerospace said: "We are deeply saddened by the loss of Air India Flight AI-171. We extend our heartfelt sympathies to the families and loved ones of those impacted. We have activated our emergency response team, and we are prepared to support our customer and the investigation." Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
