Mumbai: A consortium of banks led by the State Bank of India (SBI) has referred the debt-laden Jet Airways to the National Company Law Tribunal (NCLT) for bankruptcy proceedings after negotiations with Etihad Airways and Hinduja Group did not fructify. A petition has already been filed with the NCLT’s Mumbai bench, a source told FC.
Category: Deccan Chronicle
Deccan Chronicle
Lenders seek Jet Airways bankruptcy in last-ditch sale effort
Mumbai: Jet Airways’ creditors said on Monday they plan to begin insolvency proceedings against the Indian airline in a last-ditch bid to find a buyer for the carrier or its remaining assets and recover some of what they are owed. Once India’s biggest private carrier, Jet Airways stopped flying in April after running out of […]
IndiGo drops Pratt for CFM’s jet engines in USD 20 billion order
Mumbai: India’s biggest airline IndiGo said on Monday it had placed a USD 20 billion jet engine order from CFM International, a move that marks a shift away from Pratt & Whitney toward its French-American rival. CFM, owned by General Electric and France’s Safran, will provide the 1LEAP-1A engines to power 280 A320neo and A321neo […]
Saudi energy minister says hopes to balance oil market before next year
Karuizawa: Saudi Energy Minister Khalid al-Falih said on Saturday that he hopes oil producers will be able to balance the oil market before next year. “We hope that we will balance the market before next year. We are working on it,” Falih told reporters on the sidelines of a meeting of G20 energy and environment […]
Flying taxis in Mumbai and Delhi could become a reality sooner than you can imagine
At the Uber Elevate Summit 2019 currently held in Washington DC, Uber Elevate’s head Eric Allison has confirmed that he sees India as a strong market to introduce its air taxi service. As per a report by liveMINT, Uber has singled out Melbourne as its first city outside of the US to commence its Uber […]
Power Finance Corporation raises USD 1 bn from global market
New Delhi: Power Finance Corporation (PFC), a state-run NBFC, said Wednesday it has raised USD 1 billion (around 6,940 crore) through issuance of bonds in the international market. This was PFC’s first issuance in the international market after acquiring the government’s shareholding in REC, the company said in a BSE filing.
Oil hovers around $50s as global demand weakens
Oil demand is shriveling as the trade war between the US and China trips up the global economy. Estimates for March and April are pointing to year-on-year declines in regions that account for almost half of global oil demand, according to Morgan Stanley. Indicators including the profit from making plastics have been sinking while refining […]
Adani wins final approval to begin work on coal mine project in Australia
Melbourne: Indian energy giant Adani on Thursday cleared the last regulatory hurdle to commence the work on its controversial carmichael coal mine project in Australia with the Queensland state authorities approving its groundwater management plan. The final and last approval for the Adani Group’s long-delayed billion dollar mega coal mine project came weeks after a […]
Palarivattom flyover: G Sudhakaran assures detailed investigation
Thiruvananthapuram: PWD minister G Sudhakaran on Tuesday informed the Assembly that the government would conduct a detailed investigation to find out the people responsible for Palarivattom flyover damage. During the question hour, the minister said the decision to order an in-depth probe into the grave lapses in construction of flyover was being done on the […]
Tirunelveli: AFR facility plan triggers fresh protests by anti-nukes
TIRUNELVELI: The proposed construction of Away From Reactor (AFR) facility at the Kudankulam nuclear power project (KKNPP) site in Tirunelveli district is breathing new life into the anti-nuclear protests here. Pivoted by anti-nuke activists like Dr S P Udayakumar and Pushparayan, the anti-KKNPP struggle was at its zenith for two years since 2011 at the […]
Indian Oil issues tender for short-term lease of LNG storage tank
Singapore: Indian Oil Corp has issued a tender for short-term commercial lease of its liquefied natural gas (LNG) storage tank at Ennore terminal near Chennai, according to a notice posted on the company website. The company is seeking bids for the short-term lease for LNG unloading, storage and reloading services at the 5 million-tonnes-per-annum (mtpa) […]
HPCL launches quality campaign in Tiruchy
TIRUCHY: The public sector Hindustan Petroleum Corporation Ltd (HPCL) is committed to ‘good fuel promise’ and for excellence in the area of customer service in its retail outlet network. A press release from HPCL said here on Monday that they regularly conduct various customer-connect programmes at retail outlets. As part of the endeavor, HPCL has […]