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Air India

airindia.in

Founded Year

1930

Stage

Corporate Minority | Alive

Total Raised

$522.09M

Valuation

$0000 

Last Raised

$250M | 2 mos ago

About Air India

Air India is the flag carrier airline of India. It offers scheduled air passenger transport, air cargo transport, and charter flight services in the country. The company was founded in 1930 and is based in New Delhi, India. In October 2021, Air India was acquired by Tata Group.401B.

Headquarters Location

Airlines House

New Delhi,

India

0124-2641407

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Research containing Air India

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CB Insights Intelligence Analysts have mentioned Air India in 1 CB Insights research brief, most recently on May 19, 2021.

Latest Air India News

Daily Voice | Equirus MD expects divestment target at Rs 75,000 crore for FY24 with 6 potential candidates

Jan 31, 2023

The growth of rail infrastructure will be multi-fold with not just government but also private participation. Railways are set to roll. Sunil Shankar Matkar Ajit Deshmukh of Equirus "We think that the scenario will improve in FY24 and therefore anticipate a divestment target of Rs 75,000 crore," says Ajit Deshmukh of Equirus. The sale of Air India sent a clear message on the government's intent that they are ready to shed the control on key entities, he believes. Hence, the potential candidates could be IDBI Bank, Container Corporation of India, BPCL, BEML, Shipping Corporation, NMDC among others, says the managing director and co-head of investment banking, backed by his over 25 years of management and leadership experience. On the FOMC meet, he does not think that the Fed will repeat its mistake of calling a pivot soon. "They will likely conduct 'normal' hikes in the steps of 25 bps and wait for inflation data to show a structural decline heading towards their long-term target before they call it a day," Deshmukh tells Moneycontrol in an interview. Here's the excerpt: If you were the finance minister, what would have been your priority in Budget 2023 ? The previous year has been tumultuous and the budget event as always is expected to bring a renewed hope for growth and stability in the economy. We believe, priorities for the finance minister should be centred around the same. I would therefore put the focus on consolidation for financial stability, capex for growth and shed the conservatism for transparency and measurability. Read More Managing Director & Co-Head Investment Banking|Equirus First, consolidation. The fiscal consolidation road map has been on a back seat due to pandemic. The last amended FRBM (Fiscal Responsibility and Budget Management) Act targets of 3 percent fiscal deficit to GDP and 40 percent central government debt to GDP may not have a relevance with 6.4 percent fiscal deficit to GDP estimate for FY23 along with central government debt to GDP of over 55 percent. The government had set itself a gliding path of 4.5 percent of the fiscal deficit to GDP by FY26. In this budget, it is time to revise the medium-term targets and give a clear road map for fiscal consolidation. A roadmap is important to reinforce the confidence that the government will not spend incessantly, especially on the revenue front. With a call for a cap on subsidies, this roadmap is critical. Next, capex for growth. 'Capex push to maximise multiplier effect' has been stated by the honourable FM madam herself. Having accelerated the capex over the last three years, I would expect the government to continue its focus here. Roads, railways, defense along with nudging states to participate will be the motto. PLI (Production Linked Incentive Schemes) for additional sectors could add to the push for private capex. The third aspect of focus is shedding conservatism. The budget estimates on the revenue side for FY23 were all coated with conservatism from the word go. The estimated gross tax revenue was just ~2 percent in comparison to actual of FY2022. With the focus on transparency on other areas over the last few years (off-balance sheet, subsidies etc), expect this budget to be more balanced in terms of both revenue and expenditure. Only then will the performance be assessed correctly. If commitment were to be demonstrated, conservatism must be shed. From “under promise and deliver” the stride could turn to “promise and deliver.” What could be the possible divestment targets for FY24? After underperforming in this space for almost four years in a row, this year there should be renewed focus on divestment. The past sale of Air India sent a clear message on the government's intent that they are ready to shed the control on key entities. One can however give the benefit of uncertain market conditions (pandemic, geopolitics) over the last three years. However, with India standing out as a shining star, prospective conditions look promising. The country is just awaiting a return of risk which will provide the necessary fillip. We would think that the scenario will improve in FY24 and therefore anticipate a divestment target of Rs 75,000 crore. The potential candidates could be IDBI Bank, Container Corporation of India, BPCL, BEML, Shipping Corporation, NMDC among others. Do you expect the Federal Reserve to sound dovish in February policy meeting? The recent narrative of Fed members has been neutral to hawkish sounding a risk averse tone highlighting a) mistake of calling inflation transitory last year b) no signs of pivot soon c) Inflation coming down but yet to see a structural decline d) smaller sized hikes does not mean the peak will be lower too. All this narrative will continue. We do not think that the Fed will repeat its mistake of calling a pivot soon. They will likely conduct “normal” hikes in the steps of 25 bps and wait for inflation data to show a structural decline heading towards their long-term target before they call it a day. That said, the Bank of Canada calling a pause and the Fed itself slowing down their hike trajectory could be a welcome sign that a pause is likely to be sooner than later. The era of super-sized hikes is a thing of the past. Do you really believe the banks are in a sweet spot now? There are various aspects to look at the banking dynamics at this point. Let us look at the positives first. With domestic demand dynamics remaining resilient, credit growth is expected to remain strong. To fund the credit growth banks do have excess SLR along with robust access to market deposits (CDs). High-cost retail deposits are necessary but not paramount. Non-performing assets in the banking system are low which means banks have adequate capital to ride the growth. The key challenge for banks will be at some point, to incentivise high-cost retail deposits for aligning asset liability. Also, as transmission of RBI rates hikes both lending and borrowing deepens, there will be a balance of net interest margins. However, banks are in a good spot to ride the growth for India. Notably, private capex is yet to pick-up in a big way and therefore credit growth for banks is set for a structural expansion powered by domestic growth. Do you think it is the best time to bet on railway space? Government’s focus on capex has a large focus on roads and railways. Railways in India have a tremendous infrastructure need both on the passenger and freight front. Dedicated freight corridors are still in the making. Upgrading passenger travel and introducing new routes with the promise of promoting tourism alongside is in the making. The growth of rail infrastructure will be multi-fold with not just government but also private participation. Railways are set to roll. Do you see the possibility of another 5-10 percent correction from here on? If we talk of the key risks on the horizon or even take a step back and evaluate the journey over the last three years – one thing clearly stands out – External headwinds. These external headwinds especially on the geo-political front may have abated but not faded. Furthermore, slowdown of global growth is the key headwind for our growth coming from slower exports as our export basket has a large discretionary mix with both US and Europe being the prominent exporting geographies. Slowdowns in exports have kept our current account deficit elevated. Notably, the policy environment from the RBI and government have managed the headwinds well so far. However, if the headwinds in terms of slowdown or geo-politics intensify, a correction is on the cards. That said, the structural recovery for India is holding its ground and therefore investors should look for corrections as “opportunity” rather than “risk”. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. Sunil Shankar Matkar

Air India Frequently Asked Questions (FAQ)

  • When was Air India founded?

    Air India was founded in 1930.

  • Where is Air India's headquarters?

    Air India's headquarters is located at Airlines House, New Delhi.

  • What is Air India's latest funding round?

    Air India's latest funding round is Corporate Minority.

  • How much did Air India raise?

    Air India raised a total of $522.09M.

  • Who are the investors of Air India?

    Investors of Air India include Singapore Airlines, Tata Group and National Small Savings Fund.

  • Who are Air India's competitors?

    Competitors of Air India include Flypop.

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