In the news: CCI slaps Rs 1-cr fine on Etihad in Jet deal for non-disclosure

Dec 20 2013, 04:00 IST
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SummaryCCI imposed a Rs 1-crore fine on Abu Dhabi-based Etihad for non-disclosure of information while seeking approval for its purchase of a 24% stake in Jet Airways.

The Competition Commission of India (CCI) on Thursday imposed a R1-crore fine on Abu Dhabi-based Etihad for non-disclosure of information while seeking approval for its purchase of a 24% stake in Jet Airways. The penalty would not impact the approval for the deal by CCI last month. Earlier on Thursday, the Competition Appellate Tribunal issued notices to CCI and Jet on a plea challenging the competition watchdog’s clearance for the deal.

High ore prices to hit JSW op margin

JSW Steel could take a 6-7% hit on its operating margin in the current quarter due to an increase in the input cost of iron ore, reports Promit Mukherjee in Mumbai. While other major steel producers have captive iron ore mines, JSW banks on Karnataka ore, which is being sold at a premium through e-auction.

Navi Mumbai airport to cost R9,990 crore

The initial project cost estimated for the airport at Navi Mumbai has been finalised at R9,990 crore, reports

Roudra Bhattacharya in New Delhi. CIDCO’s request for quotation will be taken up by an aviation ministry panel on Friday.

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