Quick View: Kuwait Airways chairman suspended over Jet deal

Updated: Nov 26 2013, 18:07pm hrs
Kuwait Airways chairman suspended over Jet deal

Kuwait Airways chairman Sami al-Nisf said on Monday he had been suspended after he had announced plans to buy five used aircraft from Indias Jet Airways, and a source at the airline said the deal was in doubt. I have been informed of my suspension from work. I have not gone to my office and I am studying legal procedures, Nisf said.

No talks with Mallya on MCF stake so far: Poddar

Zuari Fertilizers promoter Saroj Poddar on Monday said that so far there havent been any talks with UB Group chairman Vijay Mallya on selling his stake in Mangalore Chemicals. I have had no discussions recently with Mr Mallya on selling my stake in Mangalore chemicals to him, Poddar told FE. Poddar was reacting to news reports saying Mallya had indicated him that his desire to buy the formers 16.43% stake in Mangalore Chemicals and Fertilizers (MCF) and that the deal was expected to be finalised by December. This is completely wrong news. I dont know how the news is being circulated, Poddar said.

Schneider opens new automation plant to capitalise on the demand for its energy efficiency, automation and smart grid solutions in India, global energy management company Schneider Electric on Monday announced the setting up of a new automation plant near Chennai, the second after Noida. The decision to have a second automation plant comes amid an overwhelming response to the company's end-to-end power management solutions, said Anil Chaudhry, country president and managing director, India. However, he did not disclose the quantum of investment.

iGate arm signs credit pact with dbs, ING

IT major iGATE has announced that its subsidiary Pan-Asia iGATE Solutions has entered into a credit agreement for a secured term loan facility to the tune of $360 million with DBS Bank and ING Bank, Singapore, with ING Bank, Singapore, as the security agent. The credit facility has two components, Facility A and Facility B. While Facility A has a commitment of $270 million and an interest rate of LIBOR+3.25%, Facility B has a commitment amount of $90 million and an interest rate of LIBOR+2.00%.

AirAsia announces 3 m promotional seats

As part of celebrations of its fifth anniversary in the country, Kula Lumpur-based budget airliner AirAsia has announced a campaign with three million promotional seats across various destinations. Passengers will be able to travel from May 5, 2014 to January 31, 2015 under the free seats campaign. The bookings for the promotional seats with zero base fare and applicable taxes and fee from R500 (for oneway) are available from Monday till December 1, AirAsia said in a statement here. Besides, the airliner would also offer R500 as base fare as part of the anniversary celebrations, a company statement said.

TCS largest delivery centre in Hyderabad

Indias leading software firm Tata Consultancy Services is likely to open its largest delivery centre at Adibatla here by early next fiscal. Executive vice-president and global head-HR Ajoyendra Mukherjee said the centre will accommodate 26,000 employees. He refused, however, to divulge the investment that is going into the setting up of the centre.