Can Gebremariam Salvage Air India?

Tewolde Gebremariam’s Experience Could Be Key To Air India’s Reset

By Manish Pant

What?

Beyond cricket and wars, India recently once again edged out its not-so-friendly western neighbour. And this time in aviation. On August 5, Air India named Tewolde Gebremariam as its new chief executive, beating Pakistan International Airlines, which had also approached the former Ethiopian Airlines boss. 

Bureaucratic delays in Islamabad and the relative strengths of Air India under the $149 billion Tata group tipped the scales in favour of the Maharaja.

Gebremariam, the former Ethiopian Airlines CEO, has his work cut out for him at Air India, India’s beleaguered national airline. 

“I trust the Air India board would have examined Ethiopian Airlines with a fine comb: fleet then, fleet now, expansion attributed to Gebremariam, and so on,” Jitender Bhargava, former executive director of Air India, told The Core, adding the search for a CEO was never easy. 

Gebremariam inherits an airline bleeding money, struggling with safety, ageing systems and a weak management. He must fix operations while expanding in a volatile market.

Why? 

Air India remains one of Tata’s most troubled verticals. Losses have mounted even after its return to the salt‑to‑software conglomerate in 2022, following 69 years under government ownership. 

The group’s carriers, Air India and Air India Express, have accumulated losses of nearly Rs 490 billion between FY2022‑23 and FY2025‑26. The latest year alone saw a combined net loss of Rs 222.38 billion, the largest since privatisation.

Chairman N Chandrasekaran, reappointed for a third term in July, noted in the holding company Tata Sons’ annual report that Air India’s transformation should be seen as a “five‑ to ten‑year journey”.  

Bhargava felt that Gebremariam could deliver on targets.

In October 2025, Air India was reported to have sought a $1.1 billion capital injection. Singapore Airlines, which owns 25.1%, said it was not in a position to comment. Tata Sons holds 73.82%, with employees owning 1.08% through a share‑benefit scheme.

What Next? 

Now in his mid‑60s, Gebremariam joined Ethiopian Airlines in 1985 as a transportation agent in cargo handling. He rose through sales, overseas management and operations before becoming CEO in 2011. 

Over 11 years, he turned Ethiopian into a diversified pan‑African aviation group. Annual turnover grew from $1 billion to $4.5 billion, the fleet from 33 to 130 aircraft, and passenger traffic from 3 million to 12 million before COVID‑19. 

He expanded the global network, built Addis Ababa into a hub, and developed cargo, maintenance, repair and overhaul (MRO) and training businesses, positioning Ethiopian as one of the world’s most successful independent carriers.

However, reviving Air India won’t be an easy task. 

S Vasudevan, CEO of infrastructure consultancy AeroInfraStratgiX, warned of the scale of the challenge. “This is not a good place to start for any incoming CEO. While a large part of the losses can be attributed to interest, forex and external shocks, the operating ecosystem still needs a major overhaul and can be fixed if core priorities like network, fleet expansion and non‑fuel costs are managed well.”

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How Jennifer Aniston’s LolaVie brand grew sales 40% with CTV ads

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LolaVie used Roku Ads Manager to test and optimize creatives — reaching millions of potential customers at all stages of their purchase journeys. Roku Ads Manager helped the brand convey LolaVie’s playful voice while helping drive omnichannel sales across both ecommerce and retail touchpoints.

The campaign included an Action Ad overlay that let viewers shop directly from their TVs by clicking OK on their Roku remote. This guided them to the website to buy LolaVie products.

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Rs 1.9 trillion

That’s how much India’s IPO market raised in FY26, across 366 IPOs on the mainboard and SME platforms, according to Grant Thornton Bharat’s latest report.

By the Numbers: Mainboard IPOs hit an all-time high of 109 listings, raising around Rs 1.77 trillion. But despite the record fundraising, investors became more selective, with listing gains and oversubscription levels moderating from FY25.

The Lead: Investors increasingly favoured companies with strong governance, transparent disclosures, quality earnings and sustainable growth prospects. Pricing discipline and institutional participation also became more important as global markets faced geopolitical uncertainty, inflationary pressures and volatility.

“Success is no longer defined by the ability to list, but by the readiness to operate as a public company with the governance, discipline and credibility to sustain investor confidence well beyond the listing day,” said Karan Marwah, Partner and CFO Advisory Leader at Grant Thornton Bharat.

Future: India’s IPO market is entering a more mature phase, with strong fundamentals and IPO preparedness becoming increasingly important for companies looking to sustain investor confidence beyond listing.

Dabur Challenges FSSAI

Dabur India has accused FSSAI of favouring other manufacturers through its restrictions on "100%" claims on food products and said compliance could put inventory worth ₹150 crore at risk, as per its petition before the Delhi High Court, Moneycontrol reported.

Fast Facts: FSSAI's prohibition order barred Dabur from selling products carrying claims including "100% Pure", "100% Natural", "100% Purity Guaranteed" and "100% Organic", which the regulator said were ambiguous, unverifiable and misleading under FSS Advertising and Claims Regulations, 2018.

The Delhi High Court last week stayed the order until August 24, saying Dabur should have been heard before the direction was issued.

FSSAI also separately flagged that Dabur Himalayan Organic Apple Cider Vinegar and Dabur Organic Honey displayed the Jaivik Bharat organic logo without valid FSSAI endorsement, a breach of FSS Organic Foods Regulations, 2017.

Background: This is not the first time Dabur has faced scrutiny over its product claims. In December 2020, a Centre for Science and Environment investigation found Dabur Honey among several brands whose samples failed an internationally accepted purity test.

In 2023, ASCI directed Dabur to modify its Dabur Red Paste advertisement, which carried the claim "World's No. 1 Ayurvedic Paste." The Delhi HC gave Dabur partial relief, permitting use of "World's Leading Ayurvedic Paste" instead.

El Niño Fuels Power Surge

India's electricity demand jumped 10.9% in July compared to last year, reaching a record of about 171 billion units (BU). The rise was driven by heavy use of air conditioners and coolers, as El Niño brought weak monsoon rains. The country got 15% less rain than normal, and states like Karnataka and Rajasthan saw power demand rise 21% and 23%. Peak demand touched 270 GW, the second-highest ever, according to a Crisil Intelligence report.

Overview: The demand spike pushed up short-term power prices too. Real-time market volumes rose 10.2%, and average prices went up 15.1% to Rs 4.41 per unit. Power generation grew about 10%, with coal and renewable energy both rising. However, hydropower fell 14% due to poor rainfall.

The Core earlier reported how El Niño could ignite an inflationary fire among consumers.

Critical Moment: Coal stocks at power plants dropped to just 12 days' supply, down from 18 days last year. Experts expect power demand to keep rising this year due to more heat and less rain.

Disinvestment Drive

The government raised Rs 45,306 crore through disinvestment and asset monetisation in FY26, beating its revised target of Rs 33,837 crore, according to a written reply by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha.

The Lead: Disinvestment, or the sale of stakes in public-sector companies, brought in Rs 16,886 crore, up from Rs 10,163 crore a year earlier. Asset monetisation contributed the larger share, at Rs 28,420 crore. The government has set a much higher target of Rs 80,000 crore for FY27 and has already raised Rs 59,083 crore this year, with most of it coming from stake sales in companies including Coal India, LIC, NHPC and Cochin Shipyard.

Pivot: This marks a shift from FY26, when asset monetisation was the bigger source of receipts. The government is increasingly looking to unlock value from its public-sector holdings and existing assets to raise resources for spending while limiting its reliance on borrowing. 

India's Connected Car Race

Hyundai Motor India said on Monday it is targeting cumulative connected car sales of 1 million by 2027 and 2 million by 2030, having already crossed 0.8 million units on Indian roads. Connected vehicle penetration across its portfolio has grown five-fold, from 4% in 2019 to 20% in 2026, driven by its Bluelink platform.

Catch Up Quick: Bluelink offers over 70 features, including remote monitoring and digital key, among others. MD & CEO Tarun Garg said growing adoption reflects evolving customer expectations, with Hyundai advancing software-defined mobility.

Setup: The announcement follows the government's draft vehicle-to-vehicle (V2V) communication framework. The Core earlier reported that V2V systems let nearby vehicles exchange real-time data on speed, position, direction and acceleration, giving drivers advance warnings for road safety.

The latest move points toward the broader promise of vehicle-to-everything (V2X) technology; however, by every industry estimate, its mass deployment is still close to a decade away.

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On Episode 944 of The Core Report, financial journalist Govindraj Ethiraj talks to Kanika Mahajan, Associate Professor at Ashoka University. We also feature an excerpt from our upcoming Special Edition with Gopal Jain, Managing Partner at Gaja Capital.

• Indian Markets Put Up A Fight Against Rising Oil Prices

• Consolidation In The Solar Space

• Why Everyone Is Talking About Alternatives As An Investment Approach

• The Polarisation In The Jobs Market We Have To Watch Closely