Airlines in India allowed to directly import jet fuel

The decisions on direct import of aviation turbine fuel (ATF) and allowing foreign airlines to invest would go to the Union Cabinet for a final nod

New Delhi: In major initiatives to strengthen the cash-strapped aviation sector, a Group of Ministers (GoM) on Tuesday decided to allow airlines to directly import jet fuel to enable them save on high incidence of tax and permit Air India to raise Rs7,400 crore by issuing bonds or other means, reports PTI.

The GoM, headed by Finance Minister Pranab Mukherjee, was also apprised of the decision to allow foreign airlines pick up 49% stake in Indian carriers.

While the decisions on direct import of aviation turbine fuel (ATF) and allowing foreign airlines to invest would go to the Union Cabinet for a final nod, the Cabinet Committee on Economic Affairs (CCEA) would take up Air India’s financial restructuring plan for approval soon, Civil Aviation Minister Ajit Singh told reporters after the 90-minute meeting here.

“First thing is that on Air India’s financial restructuring, the GoM has taken a view. Bonds will be issued, but this will have to go to the Cabinet. Bonds, and there are other ways, GoM has more or less taken a view on this,” he said, adding that about Rs7,400 crore would be raised through these means.

On ATF imports, Mr Singh said," Airline companies will be allowed to import fuel directly for their use. This also has to go to the Cabinet. GoM has approved this. We will try to see whether some kind of credit arrangement can be made.”

The meeting was also attended by Home Minister P Chidambaram, Petroleum Minister S Jaipal Reddy, Commerce Minister Anand Sharma and Planning Commission Deputy Chairman Montek Singh Ahluwalia, apart from top officials.


Ratnakar Bank appoints Joginder Singh as COO

Joginder Singh will join Ratnakar Bank in early February and will be based in the Mumbai office

Mumbai based Ratnakar Bank has announced the appointment of Joginder Singh Rana as chief operations officer (COO). After a 22 year successful stint at Citibank, Joginder will join Ratnakar Bank in early February and will be based in the Mumbai office. He will be responsible for the Bank’s operations & administration functions and will also spearhead the Bank’s operational risk and compliance framework. Joginder is a seasoned banker and has held senior leadership roles both in Citibank India and overseas.

Ratnakar Bank has also seen additional appointments in the last couple of months including R Gurumurthy as head of corporate & institutional banking, previously heading the FI Strategic Coverage Group for Standard Chartered Bank out of Mumbai and Tajinder Kumar who has joined as the Head of Human Resources; his last corporate role was as the Human Resources Director of Asia Pacific Regional Group Technology & Operations organization of Deutsche Bank AG in Singapore.

Vishwavir Ahuja, Managing Director & CEO of Ratnakar Bank commented “I am truly delighted that these individuals have agreed to take on their respective roles. We know that they are not only a highly talented group and motivated team players but truly understand how to build a strong banking platform and lead people.

These appointments are a significant step forward in delivering our vision and underline, our commitment to the bank’s transformation. They will join a highly experienced team across India that is committed to deliver best in banking services – a culture that has been proven to benefit our clients in all regions.”


UTV denies purchasing rights for Salman starrer 'Dabangg 2'

Arbaaz Khan will direct Dabangg2 after Abhinav opted out from it, with Salman and Sonakshi  as the lead pair

Mumbai: UTV Motion Pictures has brushed aside rumours of purchasing the rights of the sequel to Salman Khan-Sonakshi Sinha starrer, 'Dabangg 2' for Rs140 crore, reports PTI.

'Dabangg' became the highest grosser of 2010 and went on to bag several honours at different award ceremonies including the National award for wholesome entertainment.

There were reports that Salman Khan's 'Dabangg 2' has been picked up by UTV Motion Pictures for Rs140 crore including the print and advertising costs but the production house has rubbished all the talk.

"There have been irresponsible reports in certain sections of the media that UTV has bought the rights for 'Dabangg 2' for Rs140 crore, despite us clearly denying this," an official statement from UTV Motion Pictures said.

"We would like to clarify that UTV has not purchased the rights of the movie in question. We have been very open about announcing our new projects and communicated them to the media and will continue to do so. We hope this puts all speculations to rest," the statement said.

The 2010 action film was directed by Abhinav Kashyap and produced by Arbaaz Khan under the Arbaaz Khan Productions. 

For the sequel, Arbaaz will don the director's hat after Abhinav opted out of the second installment.

The original cast of Salman and Sonakshi will not change. However, the story will be shifted to a larger city. And Sonu Sood who played the baddie in the first part, has been replaced by Prakash Raj to play the villain.

The sequel will go on floors in March and the film will be a 2012 Christmas release.



We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)