It is for the management of Air India to decide for how long can they keep striking pilots on their payroll when they are not working, the government says
New Delhi: With Air India considering further crackdown on the striking pilots, the government on Monday said it is for airlines management to decide for how long to keep them on their payroll when they are not working, reports PTI.
It "is for the Air India management to take action now. These pilots have not come to work for more than 30 days....It is an illegal strike. They have defied the High Court," Civil Aviation Minister Ajit Singh said.
"We have requested them again and again to come back to work. So, it is for the management to decide for how long can they keep them on their payroll when they are not working. And they have no intention of coming back," he told reporters.
Around 400 Air India pilots owing allegiance to Indian Pilots Guild (IPG) have been on strike since 7th May and the services of 101 pilots have already been terminated.
Sources in the state-owned airline have said "tough action" would be taken against the remaining 300-odd pilots and have given indications that they could be sacked.
Earlier, on Wednesday Singh had said that for him, the strike was over and he did not see any point in the striking pilots coming back.
He has said that the decision to withdraw the stir lay with the pilots "as I had already said that the strike is already over from our side."
"If management has to take any action, they will take as per the labour law," he said.
Earlier, the minister had said alternative plans were being made to ensure that operations of the state-run carrier were normalised within two-three months so that the revival plan could be put in place.
Observing that there were about 500 expat pilots in the country, he said the management was in touch with them.
There are about 60-odd expat pilots, trained on wide-bodied aircraft like Boeing 777s or Airbus A-300s, whose contracts with Jet Airways have ended or are about to expire.
Kingfisher Airlines is also facing trouble and the government is hoping that there would be sufficient trained pilots looking for job prospects elsewhere.
Maintaining that the strike by the pilots was illegal, Singh slammed the agitators for resorting to strike during the peak season without any notice.
South Africa allowed a 161% increase in airport charges that was outdone by the Indian regulator which allowed a 346% increase in Delhi, making it among the world's most expensive airports
Beijing: India on Monday came under sharp attack for the recent hike in charges at Delhi airport and major delays in building new airports and strengthening infrastructure, with airlines' body the International Air Transport Association (IATA) saying this was "clearly unacceptable" and the government should encourage the aviation sector for overall economic growth, reports PTI.
Observing that the Airports Economic Regulatory Authority of India (AERA), allowed a whopping 346% hike in Delhi airport charges, IATA director general and chief executive Tony Tyler said "this is clearly unacceptable".
"The Delhi International Airport Ltd (DIAL) has to pay 46% of its revenue to the government... This is neither in the interest of the airlines nor of the airport".
Addressing the annual general meeting of the IATA in Beijing, Tyler said he would be holding discussions with Indian authorities on this issue soon, expressing hope that "there might be some common ground" which could be found to protect airlines' and consumers' interests.
"Governments often miss the mark with economic regulation of infrastructure supplies... The (airport) regulator in South Africa allowed a 161% increase in airport charges...This was outdone by the Indian regulator which allowed a 346% increase in Delhi, making it among the world's most expensive airports," he said.
Both the Indian and the South African airport regulators "failed to protect the public interest", though they followed the prescribed guidelines to allow the massive hike in airport charges and user development fees for passengers.
On aviation infrastructure in India and other parts of the world, Tyler lamented that "Mumbai's much-needed new airport (at Navi Mumbai) will not open as scheduled in 2014 construction has not even started."
"Airlines need infrastructure to grow. Just like taxes and regulation, some governments understand and reap the benefits. Others don't and the economy suffers the consequences," the IATA chief said.
He said the governments must build regulations that support jobs and economic growth by keeping the cost of connectivity reasonable.
Releasing the global industry outlook, Tyler said the global airline profits were expected to be $3 billion this year, significantly down from $7.9 billion in 2011 and $15.8 billion in 2010.
The major challenges were high jet fuel prices and economic uncertainty, particularly in Europe that was affecting Asia-Pacific region.
"This will be the second year of declining returns since airline profits peaked in 2010," he said, adding that the projected industry profit of $3 billion industry would yield a net profit margin of "just 0.5%".
Compared with the previous forecast in March, North American and Latin American carriers are expected to see improved prospects. The outlook for African carriers is unchanged.
But the outlook for European, Asia-Pacific and Middle Eastern carriers has been downgraded, with European losses now expected to be $1.1 billion, which is nearly double the previously forecast $600 million loss, the report said.
Asia-Pacific airlines are expected to make the largest contribution to industry profits of estimated $2 billion, which is less than half the $4.9 billion profit that the region delivered in 2011.
The slowdown in the Indian and Chinese economies was a factor in the slow growth environment, the IATA report said.
ICICI Prudential PMS real estate portfolio, a part of ICICI Prudential AMC had invested Rs47.5 crore in Kumar's township project and exited it after generating a gross internal rate of return of about 27%
Mumbai: ICICI Prudential Asset Management Company said its real estate portfolio management service (PMS) has divested its investment in Kumar Urban Development (KUL) Ecoloch, a township project in Pune, reports PTI.
ICICI Prudential PMS real estate portfolio, a part of ICICI Prudential AMC, had invested Rs47.5 crore in the 105-acre integrated township in Pune developed by realty company Kumar Urban Development (KUL), a company statement said.
The investment generated a gross internal rate of return (IRR) of about 27%, it said.
"We believe in the tremendous potential of the realty space that is synchronous with India's growth and are always looking at providing opportunity to our investors to participate in this asset class," ICICI Prudential AMC Head - Real Estate Rahul Rai said.
He said the investment in KUL Ecoloch and successful exit was a reinforcement of the return potential of this segment and the strength of our investment process that has helped accomplish this feat.
ICICI Prudential PMS real estate portfolio has been managing capital commitments of more than Rs750 crore since its inception and has made 14 investments across Mumbai, Bangalore, Pune, Chennai and NCR, the release said.
Earlier in April, 2010, the portfolio had made its first exit by divesting its investment in DS Kulkarni Developers' Bangalore project, generating deal level IRR of about 22%.