Bank unions Friday urged Prime Minister Narendra Modi to take over grounded Jet Airways to secure the future of the 22,000-odd employees of the carrier. In a letter to Modi, the All-India Bank Employees Association also said government must ensure that banks are not forced to lend to the crippled airline. After flying for 25 […]
Day: April 20, 2019
Reliance Industries to start gas production from KG-D6 block’s R-Cluster in second half of FY21
Reliance Industries has stated that it will start natural gas production from R-Cluster gas field in the flagging KG-D6 block in the Bay of Bengal from the second half of the 2020-21 fiscal. Reliance and its partner BP Plc of UK had in June 2017 announced an investment of Rs 40,000 crore in the three […]
Traco Cable sales touch ₹200-crore
Riding on the comfort of its improved sales in house wiring cables, the State-owned Traco Cable Co Ltd has garnered ₹200-crore sales in FY19. The new advertisement campaigns, especially through the public transport systems like KSRTC and Railways, as well as radio ads for its house wiring cables, have enabled the company to achieve this […]
Premier Solar Systems mulls stepping up production capacity, retail foray
Premier Solar Systems is on expansion mode of its manufacturing capacity while exploring entry into solar retail business. The Hyderabad-based company which offers end-to-end solutions for the solar industry, right from modules, installation, EPC contract, operation and and maintenance, is now looking at tapping into the retail market poised to see significant growth. Surender Pal […]
Jet Airways lenders look to leverage airlines 16 planes, other assets
As state-run Air India eyes Jet Airways’ routes and aircraft, lenders are looking for ways to make the best use of 16 planes of the ailing airline as well. The lenders are also in discussion for protecting valuable assets of the company including airport slots, PTI reported sources as saying. With the airline announcing the […]
Exide in shareholding pact with Cleantech Solar
The country’s largest lead-acid battery manufacturer Exide Industries has entered into an equity shareholding agreement with Singapore-based Cleantech Solar Energy for three captive solar power plants to be set up for its manufacturing units. According to the deal, Exide Industries has picked up 26-30 per cent equity stake in CSE Solar Sunpark Tamil Nadu Pvt […]
Air India chairman Ashwani Lohani may meet SBI chief over leasing of wide-body Boeing planes from grounded Jet Airways
Air India chairman Ashwani Lohani is likely to meet State Bank chairman Rajnish Kumar Friday over the national carrier’s plans to lease five wide-body Boeing planes from the now grounded Jet Airways. Weighed down by a mountain of debt and falling revenue, Jet Airways announced suspension of its entire operations from Wednesday night and owns […]
Attention, Jet Airways passengers: Air India is offering special fares on 19 international routes
Jet Airways international flyers may have a reason to heave a sigh of relief as Air India recently announced that it will offer special fares to the stranded passengers of Jet Airways in the international routes that Air India operates as well. Applicable to passengers travelling in 19 routes, the Air India offer is valid […]
Jet Airways stocks nosedive
As Jet Airways decided to shut operations temporarily late evening on Wednesday, the stock prices of the airline nosedived to Rs 217.70 at the time of opening bell on Thursday from the previous close of Rs 241.85. During the first hour of trading, the airline’s stock plunged even further to Rs 175.85 making it a […]
Air India offers to operate five of Jet Airways’ grounded planes on international routes
National carrier Air India has written to the lenders of Jet Airways asking if it can fly five of Jet’s grounded Boeing 777 aircraft on international routes. Jet has suspended operations after bankers refused additional credit to the cash-strapped airline. In a letter to Jet’s lenders headed by State Bank of India (SBI), Air India […]
‘Jet needs to find investor with deep pocket by Oct’
After Jet Airways suspended operations temporarily on Wednesday, the question that arises is what are the chances of the airline taking to the skies again in the immediate future. According to experts, if the airline has to start operations, then it needs to find a new investor with deep pocket in the next six months, […]
Fate of 22,000 employees hangs in the balance; management seeks more time
“The Jet Airways management will decide in a week whether the employees need to work till May 10 (when a potential investor’s name will be announced) or not,” said Kiran Pawaskar, President of All-India Jet Airways’ Officers and Staff Association (AIJAOSA). Addressing the media after a meeting with CEO Vinay Dube, Chief People Officer Rahul […]