Airlines owe Rs1,122 crore to AAI

As of 31 January 2011, Air India owed Rs720 crore to AAI, followed by Kingfisher Airlines Rs257.62 crore and Jet Airways Rs38.49 crore

New Delhi: Airlines operating in the country owe Rs1,122 crore to Airports Authority of India (AAI), the Lok Sabha was informed today.

The dues of AAI against Air India as on 31 January 2011 were Rs720 crore, reports PTI quoting minister of civil aviation Vayalar Ravi.

For Kingfisher, the figure was Rs257.62 crore, Go Airlines Rs6.77 crore, Interglobe Aviation (Indigo) Rs13.29 crore, Jet Airways Rs38.49 crore, Jet Lite (India) Rs13.96 crore, SpiceJet Rs16.99 crore and Paramount Airways Rs4.88 crore.

For others small or non-operating airlines the dues stood at Rs50.13 crore.

He said the matter of pending dues is taken up by the AAI with respective airlines from time to time.

The minister said steps have been taken to improve the facilities at the airports which include modernisation of Chennai and Kolkata Airports, development of 35 non-metro airports with the terminal buildings having state-of-the-art passenger facilities, user-friendly amenities, good ambiance and satellite based navigation system.


FDI in India plunges 48% in Jan; Apr-Jan FDI dips by 25%

Crisil principal economist DK Joshi observed that India will receive less FDI in 2010-11 compared to the previous fiscal as the global economic recovery is still fragile

New Delhi: With economic recovery in the rich countries, especially European nations, remaining fragile, foreign direct investment (FDI) inflows to India plunged by 48% to $1.04 billion in January over $2.04 billion in the same period last year, reports PTI.

Countries including Mauritius, Singapore, US, UK, Netherlands, Japan, Germany and UAE are the major investors in India.

During the ten-month period (April-January 2010-11) of the current fiscal, FDI declined 25% to $17 billion over the year ago period, a source told PTI.

India had received $22.9 billion FDI during April-January 2009-10.

"The numbers are reflecting that we will not be able to touch the FDI figure of the previous fiscal," the source said adding "it is a matter of great concern."

In 2009-10, the country's foreign direct investment had declined to $25.88 billion from $27.33 billion in the previous financial year.

"The numbers are bad. Going by the trend, it appears that India will receive less FDI in 2010-11 compared to the previous fiscal. The global economic recovery is fragile," Crisil principal economist DK Joshi said.

After falling consecutively in October and November 2010, FDI in India increased by about 31% to $2 billion in December last year over the same period last year.

FDI inflows in October dipped by about 40% to $1.4 billion over the year-ago period. In November too, it fell by 7% to $1.6 billion.

In view of declining foreign investment inflows, the Reserve Bank of India (RBI) is considering setting-up a panel to find out the reasons for FDI slowdown and suggest ways to encourage it.

The sectors that attracted FDI include services (financial and non-financial), telecommunications, housing and real estate, construction activities and power.

As far as FII inflows are concerned, they too dipped in January, declining to $1.19 billion from $1.84 billion during the same period of January 2010.


Peerless Mutual Fund launches Child Plan

Peerless Mutual Fund new issue opens on 11th March

Peerless Funds Management Co Ltd, sponsored by The Peerless General Finance India Co Ltd is launching "Peerless MF Child Plan", an open ended fund on 11th March. This is a multiple asset class product wherein the investment will be made in debt, equity and gold exchange traded funds.

The investment objective of the scheme is to generate long term capital appreciation through a portfolio of fixed income securities, Gold Exchange traded funds (ETFs) of other mutual funds and equity & equity related Instruments. Peerless MF Child plan is an open ended scheme and investing minimum 60% and maximum 90% in debt fund, the scheme will also invest 5-35% in equity and equity related instruments and 5-35% in gold ETFs of other mutual funds.

The scheme comes with two investment options-growth and dividend (payout and Re-investment). The fund provides systematic investment plans (SIPs) to help parents to build capital in installments. Parents can also create multiple SIPs based on various needs or goals planned for their child.

The product features, including a minimum lump sum amount of Rs1,000 and Rs500 for an SIP, show the resolve of the Peerless group for inclusive investing.

Akshay Gupta, managing director and CEO said, "Peerless MF Child Plan is designed to help parents in attempting to achieve their children's long term goals and take advantage of dynamic management of multiple asset classes like gold, equity and debt. Investment in debt instruments ensures stability and security with regular income while Gold ETF and equity investment will attempt to achieve capital appreciation in the long term. Inflation levels in India are high and with a view to outperform inflation in long term, Peerless Mutual Fund has introduced this product."

The issue price for the scheme is Rs10 each for cash during the NFO and applicable NAV thereafter on an ongoing basis. No entry and exit load will be charged for Peerless MF Child Plan; however, an exit load of 1% would be applicable, if redeemed before one year. Retail investors can start investment with Rs1,000. Minimum additional purchase amount would be Rs100. The scheme shall reopen for all the transactions within five days of allotment.

The fund is benchmarked against Crisil MIP Blended Index + Price of Gold (85:15) Ganti N Murthy (Debt) & Kaushik Dani (Equity Gold Fund) are the fund managers for the schemes.


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