BENGALURU: An upgraded version of India’s homegrown supersonic light combat aircraft Tejas is expected to take flight within three years of receiving requisite permissions from the defence ministry, said the top official at Hindustan Aeronautics Ltd (HAL), which makes the aircraft, as the state-run company seeks to shake off questions on its ability to meet […]
Day: February 22, 2019
Timeline: Jet Airways edges closer to safety
Bengaluru: Jet Airways (India) Ltd, after several attempts at finding help to save the carrier from a crippling pile of debt, last week approved a bailout plan, which will make its lenders its largest shareholders and fix a near ₹8,500 crore funding gap. Jet Airways, which had debt exceeding ₹8,000 crore ($1.12 billion) as of […]
Here’s a timeline of Jet Airways debt troubles as it edges closer to safety
India’s Jet Airways Ltd, after several attempts at finding help to save the carrier from a crippling pile of debt, last week approved a rescue deal which will make its lenders its largest shareholders and fix a near 85 billion rupee funding gap. Jet, which had debt exceeding 80 billion rupees ($1.12 billion) as of […]
Jet Airways shareholders said to have approved bailout plan
Mumbai: Shareholders of Jet Airways (India) Ltd are likely to have approved banks’ bailout plan for the debt-laden airline at Thursday’s extraordinary general meeting (EGM), a person who attended the meeting said. The Jet Airways bailout plan will see conversion of debt to equity in favour of lenders. “A large majority of the shareholders present […]
Another Kingfisher? Lessors doubt Jet rescue plan, pull out more planes
International lessors have grounded more Jet Airways planes prior to potentially moving them out of India, as scepticism builds whether a state-led bailout of the carrier can clear their dues on time, sources familiar with the matter said. The troubles at India’s Jet, which is saddled with a billion dollars in debt, have rekindled memories […]
Jet holds shareholders’ meeting, conversion of loans into shares discussed
Crisis-hit Jet Airways Thursday convened a meeting of its shareholders where various proposals, including conversion of loans into shares, were discussed. The cash-strapped full-service airline is looking for funds and restructuring of debt. Jet Airways founder promoter and Chairman Naresh Goyal did not attend the extraordinary general meeting, which was chaired by Whole-Time Director Gaurang […]
Some shareholders question Jet revival plan, criticise lack of transparency
Some shareholders of Jet Airways questioned the airline’s resolution plan and criticised the management for lack of transparency and giving a raw deal to minority shareholders. Last week, the airline’s board approved a draft resolution plan, which seeks to raise Rs 8,500 crore through various options, including issue of fresh shares, sale of aircraft, among […]
Not interested in Rafale deal’s offsets and direct purchases anymore: HAL
Steering clear of the political slugfest over the Rafale deal, Hindustan Aeronautics Limited (HAL) Thursday said it was not interested in the French fighter jet project offsets anymore and asserted it was not being ignored by the government. The Defence sector public sector undertaking also said the political fight over Rafale has not affected its […]
Ashoka Buildcon wins Rs 1,382-crore contract from NHAI in Karnataka
Ashoka Buildcon Thursday said it has won a Rs 1,382 crore highway contract in Karnataka from National Highways Authority of India (NHAI). The contract to build 56 km highway stretch is under hybrid annuity mode (HAM) under which the government provides 40 per cent of the project cost to start work, while the remaining investment […]