The Jet Airways crisis could eventually head towards insolvency if the creditors fail to reach a consensus on a resolution plan, a senior official said on Monday. “The creditors and the debtors are in discussion. That’s the best process. If there is a good outcome of these negotiations between the creditors and the corporate debtor, […]
Day: March 25, 2019
IOC-BPRL wins oil block in Abu Dhabi
State-owned Indian Oil Corporation Monday said it along with its partner Bharat PetroResources Ltd (BPRL) has won an oil block in AbuDhabi, where the two will invest USD 170 million. IOC- BPRL won the block in Abu Dhabi’s first-ever competitive bid round. “IOC and BPRL, a subsidiary of Bharat Petroleum Corporation LtdNSE 1.25 % (BPCL), […]
Naresh Goyal quits: First act of gripping drama ends, Jet’s fate now up in the air
The end, eventually, came quicker than many thought. After delaying the inevitable for as long as he could, Jet Airways’ founder and main promoter Naresh Goyal reportedly resigned from the board of the beleaguered airline he founded nearly two decades and a half ago. Goyal’s wife Anita also stepped down along with him. A formal […]
Maharashtra prepares draft amendments to distribution open access regulations
Following the recently announced draft first amendment to the regulations dealing with transmission of open access in the state by the Maharashtra Electricity Regulatory Commission (MERC), it has done the same for the distribution part of the open access system. With every state modifying their open access policies and, it has become increasingly difficult to […]
NTPC Bongaigaon plant’s 3rd unit to begin commercial operation from midnight
State-owned power giant NTPC Monday said unit-3 of Bongaigaon thermal power project with 250 MW capacity will begin commercial operation from midnight, which will increase the plant’s generation capacity to 750 MW. The two units of 250 MW each of Bongaigaon project in Assam have already been made operational in June 2016 and March 2017. […]
Boeing CEO says Ethiopian Airlines ‘believes in’ Boeing despite crash
Boeing Co will brief more than 200 global airline pilots, technical leaders and regulators this week on software and training updates for its 737 MAX aircraft, as Ethiopian Airlines expressed confidence in the planemaker despite a recent crash. The carrier will work with Boeing and other airlines to make air travel safer, its chief executive, […]
PFC acquires government stake in REC; stocks surge up to 8%
Shares of state-owned Power Finance Corporation (PFC) and REC rallied by up to 8 per cent on the BSE in the intra-day trade on Monday after PFC announced the acquisition of the Centre’s 52.63 per cent paid-up share capital in REC. The board of directors approved the acquisition cost of about Rs 14,500 crore. REC […]
Air India withdraws boarding passes with PM Modi’s pics after criticism
Air India has decided to “roll back” its boarding passes bearing photographs of Prime Minister Narendra Modi and Gujarat Chief Minister Vijay Rupani after they came in for criticism. The airline had earlier said the passes, featuring the photographs which were third-party advertisements, would be withdrawn if they are found to be in violation of […]
Ranil lays foundation stone for oil refinery
Sri Lankan Prime Minister Ranil Wickremesinghe on Sunday laid the foundation stone for a nearly $4-billion oil refinery in the southern, strategically located port town of Hambantota. The project will come up at the investment zone next to a port that Sri Lanka has leased out to a Chinese state-run firm for 99 years. The […]
Jet Airways grounds seven more planes as crisis deepens
Jet Airways grounded seven more aircraft on Saturday amid deeping crisis over non-payment of lease rentals. This takes the total number of planes grounded to 77. The airline now has only 42 of its fleet of 119 aircraft in operation. “65% of the Jet Airways fleet is grounded as of Saturday,” aviation analyst Ameya Joshi […]
Fire following leak in GAIL pipeline
Panic gripped the residents of Parappana Agrahara after an accidental fire broke out following a leak in a GAIL (Gas Authority of India Ltd.) pipeline on Sunday. The incident occurred at about 7 p.m. at AECS Layout. There were no casualties or injuries, as the fire broke out in an open area in the locality. […]
ONGC emerges victorious in volleyball tourney
Oil and Natural Gas Corporation (ONGC) emerged victorious in the all-India public sector volleyball tournament, hosted by BHEL, Tiruchi, recently. Life Insurance Corporation of India, Coal India, ONGC, Neyveli Lignite Corporation, Oil India Limited, Employees’ State Insurance Corporation (ESIC) and BHEL took part in the three-day tournament. ONGC defeated ESIC 25-23, 25-17, 25-22 in the […]