Tata Sons Chairman Chandrasekaran: Air India transformation will take 5-10 years

According to Tata Sons Chairman N. Chandrasekaran, the process of transforming the airline Air India is lengthy and will take five to ten years. He justified this by citing the need to overcome long-standing disruptions in the supply chains of key components, as well as the requirement for capital repairs of outdated systems, changes in corporate culture, fleet renewal, and the development of a large number of qualified aviation specialists.

Challenges and Progress of Transformation

Despite significant progress achieved, Chandrasekaran emphasized that any major airline is historically built over decades, not within a few quarters. In the fiscal year 2025-26, Air India faced three external challenges: airspace closures, rising fuel prices due to the Middle East conflict, and currency fluctuations, in addition to the AI171 flight incident, making this year one of the most difficult for the company. In his letter to the Tata Sons Annual Report for 2025-26, he noted that Air India teams demonstrated resilience and adaptability at every stage.

Strategic Goals and Development

Tata Sons took control of the loss-making Air India from the government in January 2022 and launched an ambitious transformation plan. Chandrasekaran expressed his belief in the future, noting that by 2047, on the centenary of Indian independence, an Indian citizen will fly on an Air India aircraft assembled using Indian components and chips, protected by Indian defense systems. He believes that the success of such institutional building transforms it into ordinary national life infrastructure.

As Air India Chairman, Chandrasekaran stressed that a country with a population of 1.4 billion and one of the world's fastest-growing economies deserves a world-class flagship carrier. He added that fleet renewal, staff training, service transformation, and network expansion are part of the long journey to revive Air India. According to data, narrow-body aircraft for domestic routes have undergone repairs and received positive customer feedback. The repair of wide-body aircraft is expected to be completed by the end of fiscal year '28. The Net Promoter Score (NPS) improved from -35 in FY23 to +42 in June 2026.

Financial Performance and Mission

In the fiscal year 2025-26, Air India's revenue decreased to 71,870 crore rupees from 78,636 crore rupees in the previous fiscal year. Air India's net loss was 15,367.75 crore rupees, while Air India Express's loss reached 6,767.29 crore rupees in the last fiscal year. The Air India Group includes Air India and Air India Express. The report also stated that the transformation of Air India aims to create a carrier that connects India with the world, provides jobs in aviation, tourism, and logistics, and turns India into a global aviation hub, rather than just a transit market.

timesofindia.indiatimes.comJuly 22, 13:39

Lalit Modi plans to return to India after receiving legal assistance in the IPL 2009 case

Lalit Modi, former chairman of the Indian Premier League (IPL), stated on Wednesday that he intends to return to India either by the end of this year or early next year. This decision followed his receipt of significant legal support from the Appellate Tribunal regarding the 2009 case concerning the IPL in South Africa, under the Foreign Exchange Management Act (FEMA).

Reaction to the Tribunal's Decision

Speaking two days after the tribunal's ruling, Lalit Modi expressed satisfaction, noting that after 16 years of fighting this case, he feels vindicated. He asserted that the verdict confirmed the truthfulness of his actions during the IPL 2009 season. Modi stated: 'I am very happy with yesterday's verdict. It was truly a great day. I fought for sixteen years, and everything I said in the media and to everyone else has finally turned out to be true.'

He emphasized that his sole concern had always been the welfare of the IPL. Adding that he considers the legal battle concluded, he expressed his desire to return to India. 'Now that this chapter is behind me, I am going to move on with my life, and I look forward to returning to India. I will probably return by the end of this year or early next year. My daughter is due to give birth to my grandson in October, and I hope everything goes well, and I return to India,' Lalit shared.

Tribunal Ruling on the IPL Case

The Appellate Tribunal under the aegis of FEMA provided substantial relief to Lalit Modi and other appellants by overturning most of the findings and penalties imposed by the Enforcement Directorate in the protracted FEMA case related to the IPL 2009 tournament in South Africa. The Tribunal annulled the ED's penalty order issued against Lalit and several other individuals in this 15-year case concerning foreign exchange operations during the tournament.

The case arose from the BCCI's decision to shift the IPL 2009 season to South Africa due to security issues that arose amid general elections in India. The Enforcement Directorate accused him of transferring foreign currency amounting to $49.86 million (equivalent to over 243 crore rupees at the current rate) abroad without prior permission from the Reserve Bank of India. In 2011, the ED sent notices requiring explanations under FEMA, and in 2018, it issued penalty orders against Lalit, former BCCI officials, and others.

Rebuttal of Key Allegations

In its 105-page judgment, delivered by a bench comprising Chairman Judge Munishwar Nath Bhandari and member Rajesh Malhotra on July 16, the tribunal ruled that Lalit 'did not manage the affairs, and otherwise, he was fabricated in this case without any material showing his responsibility.' The Tribunal concluded: 'The penalty imposed on Shri Lalit Modi is entirely erroneous, therefore, it is challenged.'

In a statement released Tuesday through his lawyer, Lalit welcomed the verdict, stating that it confirms 'the importance of due legal procedure, objective legal analysis, and the principle that allegations must ultimately be tested on evidence and law.' The Tribunal rejected the Enforcement Directorate's central argument, establishing that the main external currency transfers related to IPL 2009 were current account transactions, not capital account transactions, and also recognized that Lalit was not responsible for complying with BCCI FEMA norms nor did he possess the financial authority claimed by the agency.