Declare PFI as anti-national terror outfit, arrest its leaders: VHP

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.

New Delhi, Jul 22: Sir Philip Barton visited Bengaluru on Tuesday in the first of the series of virtual regional visits as the UK's new High Commissioner and called Chief Minister BS Yeddyurappa, business leaders, and startup community to pitch for new momentum in the already strong UK-Karnataka relationship.

During his virtual call, High Commissioner Barton got a 'real' taste of Bengaluru through a traditional Masala Dosa delivered to his residence in Delhi along with authentic south Indian filter coffee, which he relished over a chat with historian and commentator Ramachandra Guha. They discussed the unique UK-India "living bridge" across culture and cuisine, history and heritage, and sports and science.

Both Yeddyurappa and the British envoy restated their commitment to working together on the immediate challenges of Covid-19 and beyond.

Barton subsequently 'traveled' to Electronics City, where he met with a range of key business leaders to discuss deepening the UK-India tech partnership and opportunities for global investors in the UK.

Barton also met with a group of entrepreneurs, business founders and innovators, who were part of the first GoGlobal UK cohort to explore the dynamic UK market considered one of the best ecosystems for startups in the world. 

They had earlier attended a week-long boot-camp in London and Manchester in December 2019 that helped them bolster their business skills, build links with UK's thriving digital sector, and paved the way for future partnerships.

"I am delighted to make my first regional virtual visit to Bengaluru, the technology hub of India. My visit comes at a difficult time for everyone. So it is also a time when the excellent collaboration between the UK and Karnataka across technology and healthcare could not be important," Barton said.

"Making the most of those close links, and drawing on the great energy, innovation and entrepreneurship that Karnataka is famous for, will be central to ensuring we all recover from Covid-19 stronger than ever," he added.

Mangaluru, Jul 3: A middle aged man killed his wife by pushing her down a stone quarry at Karambaru near Kavoor on the outskirts of the city today.

The victim has been identified as Shanta, aged around 35 years. The accused is her husband Ganesh, aged round 45 years.

The incident took place on the intervening night of Wednesday and Thursday. The exact reason for the crime is yet to be known. It is learnt that the husband and wife had quarreled before the murder.

A native of Hassan, Ganesh was working as a tipper driver. Shanta hailed from Salethadka in Kasargod. They couple have a son and a daughter. The family stays in a rented house at Kavoor.