Kingfisher management convenes meeting today
With no end in sight to the 16-day impasse over a lockout and strike by its workers, Kingfisher Airlines management has called a meeting with their representatives on Wednesday in a last-ditch effort to convince them to return to work. The meeting, scheduled in Mumbai, is likely to be attended by top officials of the parent company, UB Group, apart from the airline top-brass. The carrier would also have to submit its reply to the Directorate General of Civil Aviation’s (DGCA) show-cause notice by October 20.
Essar Ports Q2 net profit up 97% to R80.53 crore
Ruia-owned port company Essar Ports posted a 97% increase in net profit at R80.53 crore for the second quarter ended September, compared with the corresponding period last year, helped by 31% rise in total volumes during the period. The company has posted a profit of R40.8 crore for the second quarter last year. The company, carved out from Essar Shipping Ports and Logistics in October and listed in March last year, posted second-quarter revenues of R348.29 crore, up 25% from the corresponding period last year. The company said the increase in revenue was due to increased offtake from anchor customers. Essar Ports had clocked in about 96% of revenue in the quarter from Essar Group companies like Essar Oil and Essar Steel.
ONGC Videsh seeks fee waiver on oil transit
ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corporation, has sought a waiver of transit fee from the Sudanese government on moving crude oil from its fields in South Sudan blocks. “Government of Sudan has formed a committee to look at the pipeline that would help OVL and others to transport gas. India is seeking exemption of the transit fee of one dollar,” an oil ministry official said at the Petrotech 2012. The issue of charging transit fee demanded by North Sudan led to the suspension. ONGC Videsh will pay around $11/bbl for transport crude, which includes $8.40 for transportation, $1.60 as processing fee and $1 as transit fee, the official said.
DHL supply chain to invest R640 cr in India in