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 India’s 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 haven’t 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 former’s 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 don’t 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