Reliance will buy jet airways

NEW DELHI: With each of the Indian airlines vying for maximum share of the Jet Airways' foreign flying rights, Civil Aviation Secretary P S Kharola said Friday the ministry will create a transparent standard operating procedure (SOP) to allocate these rights on a temporary basis. "We had asked airlines to confirm their requirement of (domestic) slots and (international) traffic rights...Their requests have been officially logged in. Our people will do an analysis now and we will evolve a transparent SOP based on which the rights will be given," Kharola said. He was speaking to reporters after holding a meeting -- which was focused on temporary allocation of foreign flying rights of Jet Airways -- Friday morning with senior executives of the Indian airlines. The airfares have risen dramatically on many international routes since Jet Airways suspended its operations on April 17. The central government, therefore, is planning to allocate Jet Airways' international flying rights to … [Read more...] about Will create transparent SOP to allocate Jet Airways’ foreign flying rights to airlines: Kharola

NEW DELHI: The government is likely to start distributing foreign flying rights of Jet Airways among other carriers towards the end of next week if the airline does not find new owners quickly. “We plan to award the rights to airlines which have put in requests,” said an aviation ministry official who did not wish to be identified. “The demands are primarily for destinations such as Singapore, Thailand and the Middle East,” he added. The move is likely to worry prospective bidders for Jet who are banking on the stricken airline’s ability to retain lucrative flying rights and slots at airports. The official added that they had a meeting with airlines on the issue and have been assured that the carriers will return the routes allocated to them when demanded by the government and Jet Airways. Demand-Supply Mismatch “We would have liked to award these routes to other carriers as early as possible but we have decided to wait till Jet Airways finds a … [Read more...] about Jet Airways might lose foreign flying rights soon

New Delhi: The Indian Air Force is preparing to welcome the new generation ultra-modern Rafale fighter aircraft in its fleet to strengthen its strike capabilities, President Ram Nath Kovind Thursday said. The government has been facing attack from the opposition over the multi-crore aircraft deal. Addressing the joint sitting of Parliament at the start of the Budget Session, he said neglecting the country's defence needs, even for a moment, will prove detrimental to the present and future of the country. He said the new agreements relating to the defence sector signed last year, the purchase of new defence equipment and indigenous production under the 'Make in India' initiative have all helped in boosting the morale of defence forces and in increasing the country's military self-reliance. "After a gap of many decades, the Indian Air Force is preparing to welcome, in the coming months, its new generation ultra-modern fighter aircraft Rafale and strengthen its strike capability," he … [Read more...] about Rafale jets to soon join IAF fleet, improve its strike capability: President Kovind

If there is an aggressive bid and counter bid over Mindtree, it would be in the interest of the minority shareholders who might end up getting a much better price, said Hemang Jani, Senior VP, Sharekhan, in an interview with ETNOW.Edited excerpts: On what Mindtree deal means for minority shareholders For the minority shareholders of Mindtree, this is a win-win situation because on the one hand you have the L&T Group trying to get into the company. They have already taken 20% stake from the existing shareholders and are looking to buy another 31% through open offer and as per sources, another 15% from market. That looks to be a good proposition for the minority shareholders, given the might of the L&T and the kind of businesses they are in and the kind of value creation which they have done. Currently, with a small stake in the company, promoters are trying to fight against L&T and it remains to be seen what kind of buyback they are able to offer and if they are able to … [Read more...] about L&T hostile bid a win-win deal for minority shareholders of Mindtree: Hemang Jani, Sharekhan

GENEVA: As the Indian government plans to invite bids for Air India during the next few months, a top official of global airlines body IATA said on Wednesday that the disinvestment of the national carrier should be done in a fair and transparent manner and in a way that it improves competition within the aviation sector of the country. Moreover, the official said that the Jet Airways' bankruptcy - which happened in April this year - does raise questions on the sustainability of the Indian aviation sector. "The only thing that we can say about privatisation of Air India is that if it has to be done in a way that would probably maintain or improve the competitive conditions of the market," Alexandre de Juniac, Director General, International Air Transport Association (IATA) said on Wednesday. "And, also, it should allow the government to devote some of the resources, which it was giving to Air India, to the wider aviation sector probably," he told reporters. According to the last … [Read more...] about Disinvestment of Air India should improve competition within the aviation sector: IATA official