Gulf Air, Kuwait Airways lose plea on deadline

The Government has refused to extend the deadline for Gulf Airways and Kuwait Airways, the two foreign equity holders in Jet Airways, to disinvest their stake in the Indian domestic carrier, in accordance with the national civil aviation policy. With the deadline just a few weeks away (mid-October), the CEOs of the two international carriers met the Civil Aviation Ministers, Mr. C.M Ibrahim and Ms. Jayanti Natarajan, recently and sought more time. During their meeting, the airline chiefs discussed the Indian aviation policy which allows foreign equity up to 40 per cent in domestic airlines but with a rider prohibiting international carriers from having any stake.

PAL Kurla plant to be revalued

The transfer of the Kurla plant of Premier Automobiles Ltd (PAL), required by the company’s proposed joint venture with Fiat Auto of Italy, will be revalued as per the demand of financial institutions. Confirming that the FIs have sought revaluation of the deal, which would hive off PAL’s Kurla plant to the new joint venture company, a senior official of PAL told Business Line that the FIs have recommended the chartered accountant firm, S.B. Billimoria and Co. for the job.

Malaysia search on for ship’s missing crew

Malaysian rescuers on Sunday searched for 28 missing seamen and a two-year-old boy in the busy waters of the Strait of Malacca after the India Cements’ cargo ship ICL Vickraman sank in an accident with another vessel, a rescue official said. (Earlier reports named the ship as NV Vikraman). The accident occurred at 11 p.m. on Friday night in low visibility due to smog from forest fires which has enveloped the region.