Differences have cropped up between the civil aviation ministry and Delhi International Airport Ltd (DIAL) over the closure of the airport's main runway.
"The scene will be a bit like the Maruti 800 days. Those who are lucky enough to be allotted cars this year can resell it immediately at a premium of Rs 30,000 due to the anticipated shortage," an executive at a Motors dealer said. Supply, Tata Motors dealers say, would be between 40,000 and 50,000 cars, with 100,000 being the most optimistic estimate. This would mean customers may have to wait for up to two years to get delivery if all the bookings are accepted.
Many travel companies said customers are waiting and watching. "People are holding on to see if better deals come their way. So although advanced bookings are down, we might see people booking during the summer months themselves," said Richa Goel Sikri, director of Delhi-based STIC Travels.
Tata Motors subsidiary Telco Construction Equipment Company Ltd (Telcon) has opposed a proposal to the Foreign Investment Promotion Board (FIPB) from John Deere for a joint venture with Ashok Leyland to distribute and market its construction equipment in India.
SBI may charge 14 to 14.75% for 5-year loans.
"The airlines failed to respond to the falling market. While there was a cut-down in capacity by around 25 per cent in September, the airlines brought back the flights starting from January and replenished capacity in all sectors. So we have a clear case of oversupply," said DP Singh, general manager, corporate planning, AAI.
The CEOs met late last month to discuss the agreement. Industry experts said one advantage would be the fact that GoAir was looking at increasing its fleet to 20 aircraft by 2011. "If SpiceJet acquires the airline, it will gain access to slots for the aircraft orders which it can sell," said an industry expert. Selling order slots has emerged as a lucrative revenue stream for several Indian airlines that are feeling the pinch of falling passenger traffic.
With this deal, Jaipuria's RJ Corp will own over 10 bottling plants, controlling 25 per cent of PepsiCo's bottling capacity in the country (earlier he was PepsiCo's largest bottler together with his family). Confirming the development, Jaipuria said the deal would be complete in a day or two. "The West Bengal operations will contribute 10 to 15 per cent to our turnover," he said.
This indirect outsourcing will make Airbus' parent company EADS' total business outsourced to India grow 10 times by 2020, from the current euro 100 million. In comparison, the total outsourcing to countries outside Europe will only increase by more than three times in that period, albeit from a far larger base of euro 8 billion. Industry experts said this indirect outsourcing would be a clear way to rationalise costs.
Industry sources and certain airline executives revealed this was done after the LCCs hammered out their differences with full-service carriers on certain contentious issues related to pricing. Industry source said the fares had been lowered as a protest against the full-service carriers' sale of coupons worth Rs 300 crore (Rs 3 billion) and valid for six months to travel agents across the country at prices that were 20-30 per cent less than those available on their websites.
The investors, which include ICICI Venture, Azim Premji and ICICI Prudential, say that they do not hold more than 38 per cent in the retail company and do not have the requisite shareholding to amend the articles. ICICI Venture, which alone holds 23 per cent stake in Subhiksha, had earlier rubbished claims made by Subramanian that the private equity company 'controls' Subhiksha by virtue of its right to appoint a majority of the directors in the company.
Full-service carriers like Kingfisher, Jet Airways and Air India sold travel coupons worth around Rs 300 crore to travel agents a few days before the airlines almost doubled their fares in one go. Experts say the full-service carriers have ensured 5-6 per cent of their average sales through these coupons. This, they add, will partly make up for the slowdown in demand expected due to the fare hike.
The gap between the average fares of a full-service airline and a low-cost carrier for metro routes narrowed by a third in January, thanks to leading players cutting their fares quite dramatically to grab the market share.
Broad consensus is emerging within a Group of Ministers chaired by finance and external affairs minister Pranab Mukherjee on a proposal seeking comprehensive changes in the foreign direct investment policy. This includes scrapping automatic approval in sectors that have FDI limits and in which ownership or control is shifting to a foreign company, and a new definition for calculating indirect foreign equity.
And despite a slowdown, media planners say advertisers are pouring in over Rs 600 crore (nearly half the ad budget for cricket in 2009). This represents a more than 10 per cent increase over last year's spends on television, co-branding of teams and marketing, among others.
It's official now. Engineering giant Larsen & Toubro has sought management control of Satyam.
A month after they cut fares 25-30 per cent, the country's leading airlines have realised that the surge in passenger traffic they had expected has not happened.
As companies find themselves in the midst of an unprecedented meltdown, the role and expectations from CEOs are changing, according to Spencer Stuart, one of the largest global recruitment agencies for senior directors and CEOs. It has made these findings from recruitments undertaken in India across sectors like financial services, telecommunications and FMCG, amongst others.
Raghu Menon, CMD of National Aviation Company of India (Nacil), had said last year that more than 70 per cent of the merger process would be completed by the end of FY09.
It has rejected a proposal by Subash Chandra-promoted Wire and Wireless India, which has sought permission to issue partly paid-up equity shares, pursuant to its rights issue. WWIL is in the cable network business. The shares were to be issued to non-residents, which also included FIIs, venture capital funds, multilateral and bilateral development financial institutions, and eligible NRIs for cash aggregating up to Rs 450 crore (Rs 4.5 billion).
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