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With domestic airlines rippling into losses and in high need of cash, especially Kingfisher and state-owned Air India, the Department of Industrial Policy and Promotion (DIPP) under the commerce ministry has proposed for 26% foreign direct investment (FDI) in aviation sector. Private airlines in the country are in dire need of funds for their operations and service up gradation to compete with other global carriers, the note circulated by the Department of Industrial Policy and Promotion (DIPP) said. The Civil Aviation Ministry earlier proposed 24% but DIPP ended up its suggestion with 26% as it feels anything below 26% would not attract strategic investment from foreign airlines. The ministry also suggests that it may even increase the present level to 49% in the aviation sector. At present, the other foreign entities barring foreign airlines were allowed to pick up the stake up to 49% in domestic airlines. With this move, the domestic cash-strapped airlines will get a chance to overcome their cash-crisis situation.
Topics: aviation, fdi, airlines, investment, kingfisher
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The chairman of Kingfisher Airlines, Vijay Mallya, made statements to allay the fear of his investors and company shareholders that the company is not in as serious a trouble as the recent report by Veritas had stated it to be. During the 16th Annual General Meeting of the company, the chairman came out with a point-by-point clarification of the recent questions that were raised by investing community. He said the promoters could inject more funds into the airlines. He also said.....
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Rohit Nandan, a Joint Secretary in the Ministry of Civil Aviation will be replacing Arvind Jadhav, the current Head of Air India. Rohit Nandan's tenure will be completed by the end of next year.Arvind Jadhav, the
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Deccan 360 hits air-pocket turbulence as its planes were taken bank by the leasing company for non-payments and Reliance Industries has said to the Deccan 360 management that it will not be investing any more in the company. Over the past decade, G R Gopinath founder of Deccan 360, had changed the functioning of Indian civil aviation industry. He founded the the first low-cost airline in the country, Deccan Aviation and then sold it to Kingfisher Airlines. Then he started out with Deccan.....
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The oldest and the largest, government-owned airline in India which is a part of the Indian Air India Limited (AIL), has defaulted its interest payments to the banks for the first time, according to the sources. The company has Rs 400 crore dues pending over the last two months and these payments are towards servicing a huge debt of Rs 21000 crore which was taken from about 20 banks. The concerns have been raised by the PSU banks regarding the default in payment.....
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