GoAir to begin operations from Chennai airport

GoAir would introduce double daily round trip services between Chennai and Mumbai, a daily flight between Chennai and Pune and five weekly frequencies between Chennai and Port Blair

Chennai: Expecting addition of two more aircraft to its fleet this fiscal, Mumbai-based domestic airliner GoAir would begin operations from Chennai airport from 1 May 2012, company CEO Giorgio De Roni said, reports PTI.

“We are starting our operations in Chennai from 1st May and the city will be our 22nd destination. We are expecting two A320 this fiscal,” Mr Roni told reporters.

GoAir has 11 aircraft in its fleet and would have 20 by the end of 2015 and another 72 flights of A320 neo (A320 with new engine option) by 2016, he said.
“A320 neo-s will help us in cutting down the expenditure, as they are 15% fuel efficient and has less emission,” he said.

Holding that their forecast of passengers from Chennai would be around 10%, he said the company would introduce double daily round trip services between Chennai and Mumbai, a daily flight between Chennai and Pune and five weekly frequencies between Chennai and Port Blair.

GoAir presently has 30,000 flight services constituting over 50,000 flight hours carrying four million passengers to 21 destinations.

“We aim for 35,000 flight services over 60,000 flight hours carrying 5 million passengers to 22 destinations this fiscal,” he said.

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Essar Shipping wins two orders worth $25 million

Essar Oilfield Services India will execute the drilling of the oil wells in Brunei

New Delhi: Essar Shipping, a part of Essar Group, said that it has received two drilling contracts worth $25 million from New Sino Oil Company and BG Shirke, reports PTI.

Essar Shipping has received an order from New Sino Oil Company to drill five wells in Brunei and from BG Shirke for their first exploration venture, a company statement said.

“The two contracts are expected to generate total revenues in the region of $25 million over a period of about 15 months,” the statement said.

Essar Oilfield Services India Ltd (EOSIL), a wholly-owned subsidiary of Essar Shipping, will execute the drilling of these wells.

“Essar Shipping has been executing drilling contracts for various international oil and gas majors. The drilling business is contributing significantly to maintain a healthy top line and operating margins for Essar Shipping,” AR Ramakrishnan, managing director, Essar Shipping, said.

EOSIL provides contract drilling and related services to oil and gas companies worldwide, operating both offshore and onshore.

Essar Shipping shares closed 1.65% higher at Rs30.75 per share on the Bombay Stock Exchange, while the Sensex ended marginally lower at 17,373.

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Seshasayee Paper approves merger of SPB Papers with itself

The Board of Directors of Seshasayee Paper approved the share exchange ratio of one equity share of Seshasayee Paper for 11 equity shares of SPB Papers

Chennai: The Board of Seshasayee Paper approved the merger of group company SPB Papers with itself, reports PTI.

In a filing to the BSE (Bombay Stock Exchange), the Erode-based company said the board of directors at its meeting “have approved the ‘Scheme of Amalgamation’ for the amalgamation of SPB Papers Ltd with Seshasayee Paper and Boards Ltd.”

The Board also approved the share exchange ratio of one equity share of nominal value of Rs10 each of Seshasayee Paper for eleven equity shares of the nominal value of Rs10 each of SPB Papers.

Seshasayee Paper and Boards shares closed 1.1% lower at Rs203.10 per share on the Bombay Stock Exchange, while the Sensex ended marginally lower at 17,373.

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