Close shave for Jet Airways flight after ATC spots tractor on Mangaluru runway

New Delhi, Mar 4: The government on Wednesday permitted NRIs to own up to 100 per cent stake in disinvestment-bound Air India.

The decision comes at a time when the government is looking to sell 100 per cent stake sale in the national carrier.

Union minister Prakash Javadekar said the Cabinet has approved allowing Non-Residents Indians (NRIs) to hold up to 100 per cent stake in Air India.

Allowing 100 per cent investment by Non-Resident Indians (NRIs) in the carrier would also not be in violation of SOEC norms. NRI investments would be treated as domestic investments.

Under the Substantial Ownership and Effective Control (SOEC) framework, which is followed in the airline industry globally, a carrier that flies overseas from a particular country should be substantially owned by that country's government or its nationals.

Currently, NRIs can acquire only 49 per cent in Air India. Foreign Direct Investment (FDI) in the airline is also 49 per cent through the government approval route.

As per the existing norms, 100 per cent FDI is permitted in scheduled domestic carriers, subject to certain conditions, including that it would not be applicable for overseas airlines.

In the case of scheduled airlines, 49 per cent FDI is permitted through automatic approval route and any such investment beyond that level requires government nod.

On January 27, the government came out witha Preliminary Information Memorandum (PIM) for Air India disinvestment. It has proposed selling 100 per cent stake in Air India along with budget airline Air India Express and the national carrier's 50 per cent stake in AISATS, an equal joint venture with Singapore Airlines.

Under the latest disinvestment plan, the successful bidder would have to take over only debt worth Rs 23,286.5 crore while the liabilities would be decided depending on current assets at the time of closing of the transaction.

This is the second attempt by the government in as many years to divest Air India, which has been in the red for long.

Mangaluru, Jul 7: The residents of Bangle Gudde, Mathadagudde area in Gurupura Gram Panchayat in Dakshina Kannada district of Karnataka, where two teen aged children were buried alive, were shifted to safer places.

District officials said on Tuesday that the residents have been provided temporary shelter in Gurpur school, PU college, and hostels, while few others were shifted to Ashraya centers. Total 40 houses out of 180 houses in this area located in the red zone were damaged due to heavy rain.

If the residents want to stay in the rented house, the revenue department is ready to pay a sum of Rs 2,500 towards rent, official sources said.

Mangaluru, May 19: Team Be Human, a city based group of philanthropists, has taken commendable initiative to satiate the hunger of the civic workers of Mangaluru City Corporation that are endangering their lives to keep the city clean amidst covid-19 lockdown. 

On Friday, April 18, gorcesary kits were distributed among around 180 civic workers at Eidgah Maidan in Light House Hill in the presence of Corporator Abdul Raoof Bajal, Mansoor Ahmed Azad, Aina group Ashraf, Ceco Asif, Advocate Abdul Shukoor, U B Saleem, Sahil Zaheer, Rash Beary, Munna Kammaradi and Abdul Muttalib.

The Team swung into action on hearing the civic workers' plight due to the delay in payment of their wages by the Antony Waste Management firm. The Team was helped by the alumni of the St Aloysius College, Mangaluru (batch 1989). 

This is not the first time the Team Be Human distributing kits among the needy. Amidst lockdown it has already distributed around 1200 grocery kits among the poor people including the daily wage workers, migrant labourers in Dakshina Kannada district with help of Ahnaf Deals, Altaf, Shameem, Basha, Pradeep, Vincent,  Shiyaz Deals, Nawaz and Haneef. 

In its next step the Team Be Human is planning to distribute the kits among civic workers in Urva and Suratkal region, said Asif Deals, founder president of Team Be Human. He called upon the youth and students to come forward to help the needy and poor people who are deprived of basic facilities.