Prices of aviation turbine fuel (ATF), or jet fuel, will be hiked by 10% in March. This happens at a time when airlines, led by Jet Airways and IndiGo, are cancelling flights, though for absolutely different reasons. The combined effect, say airline officials, will be lower supply of seats that may enable them to hike […]
Category: The Economic Times
Economictimes
Willing to make ‘any sacrifice’ for staff, Jet Airways: Naresh Goyal
MUMBAI: Jet AirwaysNSE 4.72 % founder Naresh Goyal Friday told his employees that he is willing to make “any sacrifice” for them and to revive the beleaguered airline. He also assured them that the management, led by CEO Vinay Dube, will give them an update on its resolution plan by March 18, by which time […]
Jet Airways grounds two more aircraft, likely to impact 75 flights
Jet AirwaysNSE 4.72 % on Friday said that two more aircraft have been grounded, taking the total to 21, over its non-repayment of dues to lessors. “Further to our letter (February 28), we inform you that an additional two aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease […]
Aviation Turbine Fuel price hiked by 8.1 pc, still costs less than petrol, diesel
Jet fuel price was hiked Friday by a steep 8.1 per cent to its costliest level this year as international oil prices rose, state-owned oil firms said. The price of Aviation Turbine Fuel (ATF) was hiked by Rs 4,734.15 per kilolitre, or 8.15 per cent, to Rs 62,795.12 per kl in the national capital, according […]
Less-known private companies win 13 licenses to develop small oil fields
NEW DELHI: Little-known private companies have won 13 of 23 licenses to develop discovered small oil fields in the second round of auction. ONGCNSE 0.30 %, Oil IndiaNSE 2.18 %, Indian OilNSE 2.39 %, Vedanta and Hindustan Oil ExplorationNSE 3.87 % won the remaining fields. The Empowered Committee of Secretaries and Group of Ministers on […]
ONGC to invest nearly Rs 13000 crore in Assam in next five years
GUWAHATI: Oil & Natural Gas Corp chairman Shashi Shanker said the state-run company would invest nearly Rs 13,000 crore in Assam over the next five years in exploration and production. The investment that ONGCNSE 0.30 % has planned is 30% more than its budget for the previous five years, said Shanker, also the company’s managing […]
Green companies continue to bid aggressively for solar projects
BENGALURU: Renewable energy firms are continuing with aggressive bids for solar projects, with the winners in the latest auction including Finland’s Fortum and US-based Acme quoting a tariff of Rs 2.48 per unit. Palimarwar Solar House also quoted the same tariff to win 40 MW, while Acme Solar won 250 MW of the 750 MW […]
India-Pakistan tensions ground thousands of air travellers
Thousands of air travellers worldwide were left stranded on Thursday after Pakistan closed its airspace in response to escalating tensions with India. Pakistan’s Civil Aviation Authority (CAA) said it would keep airspace shut until 11.59 pm local time, disrupting major routes between Europe and South East Asia. Thai Airways has cancelled nearly 30 flights, affecting […]
Jet Airways founder Naresh Goyal agrees to step down as chairman: Source
Beleaguered Jet AirwaysNSE 4.83 %’ Chairman Naresh Goyal has agreed to step down as the lenders gear up to acquire majority stake in the airline under a bailout plan, a source said Thursday. When contacted, Jet Airways Vice-President for Corporate Affairs and Public Relations Ragini Chopra said she is “not aware” of the developments. The […]
Pak’s airspace closure leaves thousands of passengers stranded worldwide
Thousands of air travellers stranded worldwide heaved a sigh of relief as Pakistan announced that its airspace will be fully re-opened by Friday, as the aviation authorities allowed some flights to operate Thursday a day after closing the air traffic over the country in view of escalating tensions with India. The Civil Aviation Authority (CAA) […]
Cabinet clears SPV for transfer of Air India loans, subsidiaries
The Cabinet Thursday approved setting up of a special purpose vehicle — Air India Assets Holding– for transfer of the national carrier’s working capital loans, which are not backed by any assets, as well as four subsidiaries. “The Union Cabinet has given ex-post facto approval for the creation of the SPV and associated activities for […]
Jet Airways grounded six more planes due to non-payment
MUMBAI: Loss-making carrier Jet AirwaysNSE 4.65 % Thursday said six more aircraft have been grounded due to non-payment of lease rentals. With this, the total number of aircraft taken out of operations due to a severe liquidity crunch in the airline and its subsequent failure to pay rentals to various lessors now stand at 19 […]