A technician working for Air India has died after being sucked into a jet engine as the plane pushed back for take-off at Mumbai airport. The freak accident happened on Wednesday evening when the co-pilot of flight AI 619 to Hyderabad mistook a signal from ground staff and started the …
Read More »#Machinations: Naresh Goyal pledges entire Jet Airways stake to Punjab National Bank
The founder and promoter of Indian budget carrier Jet Airways has pledged to hand over his entire sharholding in the company – estimated to be 51% of shares – to a state-owned bank. UK-based Naresh Goyal has pledged the shares, valued at more than £260 million to Punjab National Bank. …
Read More »#Inked: India and France to push ahead with multi-billion dollar fighter jet deal
India and France have agreed to overcome differences and finalize the sale of 126 fighter jets to India in a deal worth an estimated $15 billion, the Indian defence ministry said.
France's Dassault Aviation has been trying to clinch a deal to sell India its Rafale jets since New Delhi chose the company over other foreign plane manufacturers in 2012.
But disagreements over cost and work-sharing have slowed talks, while India's weak economy has stretched government finances.
On Monday, French Defence Minister Jean-Yves Le Drian met his Indian counterpart Manohar Parrikar, who was appointed defence minister last month.
"Both sides agreed to take forward the strategic co-operation between the two countries. They discussed all issues including Rafale. It was decided that whatever differences still existed would be resolved in a fast-track manner," said Indian defence ministry spokesman Sitanshu Kar.
Under the deal, which would provide a major boost to French domestic defence manufacturing, the first 18 planes will be made in France and shipped to India, while the remaining 108 will be produced by state-run Hindustan Aeronautics Ltd.
Rival manufacturers including the makers of the Eurofighter aircraft are hoping that the stalled Rafale deal will collapse, possibly opening the door to negotiations with a new vendor.
Read More »Indian Government formally approves Jet-Etihad deal
The Indian government has approved a plan by Abu Dhabi-based carrier Etihad to buy a 24% stake in Jet Airways for $379m. The deal is the first foreign investment in India’s burgeoning aviation sector since the government raised the foreign ownership threshold to 49% of local airlines. The move has …
Read More »Wife of Jet Chairman fined for carrying pet dog…on Jet flight
The wife of Jet Airways founder Naresh Goyal has been fined for taking her pet dog on a Jet flight from London. Anita Goyal was handed the £410 fine by customs officials at Mumbai Airport on Saturday, according to reports. Under customs regulations, passengers cannot carry pets inside the passenger …
Read More »Jet shareholders approve Etihad tie-up
Shareholders of Jet Airways has approved the sale of a 24% stake in the carrier to Abu Dhabi-based Etihad. Naresh Goyal, Chairman of Jet Airways, welcomed the move at a shareholder meeting in Mumbai on Friday. “Etihad investment will help us to deleverage and grow in a sustainable manner. This …
Read More »Jet agrees $379 million stake sale to Etihad Airways
Jet Airways’ board of directors has given its approval for the sale of a 24% stake in the carrier to Abu Dhabi-based Etihad in a $379 million deal that is set to revolutionize the Indian aviation sector. The price agreed by Etihad reportedly represents a premium of more than 30% …
Read More »Etihad buys Jet Airways’ Heathrow slots as talks improve
Etihad Airways has taken over Jet Airways’ slots at London Heathrow airport for $70 million deal as talks continue between the two carriers about a possible take over by the Abu Dhabi-based airlines. The move signals positive developments in the discussions and investors cheered the move after a delayed announcement …
Read More »Etihad close to Jet Airways stake
Abu Dhabi-based Etihad Airways is close to taking a stake in India’s Jet Airways, the Mid-East airline said on Monday after reporting a tripling in profits for last year. Such a deal would support the Indian carrier’s efforts to woo foreign investors to help cope with fierce competition and …
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