Jet-Etihad deal put on hold by FIPB

June 15, 2013

Jet-EtihadNew Delhi, Jun 15: The Rs.2058 crore deal struck by Jet Airways to sell 24 per cent of its stake to Abu Dhabi's Etihad Airways was put on hold on Friday by Government's foreign investment approving agency which sought more clarity on control and ownership of the Indian airline.

"It (Jet-Etihad proposal) has been deferred. We need more details on effective control and ownership," Economic Affairs Secretary Arvind Mayaram, who heads the Foreign Investment Promotion Board (FIPB)," told reporters after a meeting here.

Market regulator SEBI and competition watchdog CCI have already sought clarifications from the premier private carrier on the transaction, to ensure that Etihad's ownership powers in Jet remains in line with its 24 per cent stake in the company's equity capital.

Asked about the development, Civil Aviation Minister Ajit Singh said SEBI has raised some concerns and asked both the airlines to "rectify some parts of the pact."

"I don't see any major problem for the deal," Singh said.

When contacted, Jet sources said they have already submitted the necessary clarifications to SEBI.

It could not be ascertained when the FIPB would take up the Jet-Etihad proposal next. Once the FIPB clears it, the matter would be sent to the Cabinet Committee on Economic Affairs for approval. All deals over Rs 1,200 crore have to be approved by CCEA.

Shares of Jet Airways closed at Rs 469.20, up 8.47 per cent on the BSE, ahead of the FIPB meet.

The deal is the largest foreign investment proposal in the aviation sector after the government allowed foreign carriers to pick up stake in Indian airlines last September.

In March, the FIPB had cleared Rs 81 crore investment proposal of AirAsia to set up a JV airline company, AirAsia India, with Tata Sons and another partner.

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Agencies
February 20,2020

Tirupur, Feb 20: Nineteen people died in a collision between a Kerala State Road Transport Corporation bus and a truck near Avinashi town of Tirupur district on Thursday morning here.

The bus was on its way to Ernakulam in Kerala from Bengaluru in Karnataka when the mishap occurred.

Deputy Tehsildar of Avinashi Town informed, "19 people that include 14 men and 5 women, died in the collision between the bus and the truck near Avinashi town."

The bodies have been taken to Tirupur government hospital.
Further details are awaited.

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News Network
March 29,2020

New Delhi, Mar 29: The total number of COVID-19 positive cases rose to 1024 in the country, said Ministry of Health and Family Welfare on Sunday.

"The total number of COVID-19 positive cases rise to 1024 in India including 901 active cases, 96 cured/discharged/migrated people and 27 deaths," Ministry of Health and Family Welfare said.
Prime Minister Narendra Modi had on Tuesday announced a 21-day lockdown to stem the spread of COVID-19, which has left thousands dead around the world.

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News Network
April 24,2020

Kozhikode, Apr 24: A four-month-old baby girl, who had tested positive for COVID-19 and suffering from congenital heart disease, died in a hospital here in Kerala early Friday after suffering a cardiac arrest, officials said.

This is the third COVID-19 death and the first infant fatality in the state where two elderly people had succumbed to the disease earlier.

The baby was admitted to the Medical College Hospital here on April 21 with history of fever, cough, breathing difficulties and seizure after being treated at two other hospitals and the end came at 6 am, a medical bulletin said.

State Health Minister K K Shailaja said doctors had made maximum efforts to save the life of the child, whose family belonged to Payyanad near Manjeri in Malappuram district.

"Preliminary information which we have is that there has been some primary contact", she told reporters in Thiruvananthapuram.

The protocol for COVID-19 cases would be followed for the baby's last rites, the Minister added.

As of Thursday, the total active COVID-19 cases in the state stood at 129.

The bulletin said on arrival at the hospital on Tuesday the baby was in shock and had respiratory failure.

"She was resuscitated, mechanically ventilated and appropriate antibiotics for pneumonia and supportive measures to correct shock were started", it said adding the baby, however, continued to remain sick.

"Even though there was no history of any high or low risk contact or any epidemiological links as the child comes from SARI (Sever Acute Respiratory infection) criteria, she was admitted to the COVID-ICU and swab was taken and she tested positive", the bulletin said.

Contact tracing of those who had come in contact with the child was in progress.

Mallapuram District Medical Officer (Health) Dr Sakeena K said the child was having severe health issues from its birth itself and was admitted to a private hospital in Manjeri near here with breathing problem.

As her condition worsened, the baby was shifted to another hospital and later to the medical college hospital.

"The baby was having chest deformity and Atrial Septal Defect by birth which developed into severe health issues, the official added.

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