Jet wins key approval for Etihad deal, with conditions

July 29, 2013

New Delhi, Jul 29: The foreign investment regulator gave conditional approval on Monday to a $379 million deal by Abu Dhabi's Etihad Airways to buy a stake in Jet Airways(JET.NS), paving the way for more acquisitions in the domestic aviation sector.jet_eithihad

"We have approved with some conditions," Economic Affairs Secretary Arvind Mayaram told reporters after a meeting of the Foreign Investment Promotion Board (FIPB).

He did not elaborate.

Etihad's purchase of 24 percent of Jet is the first such deal since the government allowed foreign airlines to own up to 49 percent of Indian carriers last September.

It bodes well for more foreign investment into the Indian aviation sector where most carriers are burdened with heavy debts and rack up losses mainly due to the high cost of fuel.

For foreign investors, buying a stake in an Indian carrier grants access to one of the world's fastest growing domestic airline markets which has plenty of untapped potential, especially in services to smaller Indian cities.

Low-cost carrier SpiceJet (SPJT.BO) has received interest from various unidentified potential investors, while fellow budget airlines GoAir and IndiGo have also been identified as potential targets.

The Jet-Etihad deal still has to obtain the approval of the capital markets regulator as well as a ministerial investment panel before the airlines can proceed.

The deal provides Jet with a deep-pocketed global partner as well as cash to help pay off debts. Etihad, which is on an acquisitions drive, will benefit from Jet's Indian connections.

Ahead of Monday's announcement, Jet shares had jumped nearly 3.7 percent, taking their gains in the last two sessions to nearly 22 percent on speculation the deal would be approved.

Effective control

Last month, the FIPB had said it wanted more details on who would be effectively in control of Jet Airways after the deal before making a decision.

The deal won regulatory approval after a revised shareholder agreement decreased Etihad's presence on the board of Jet, according to a document seen by Reuters, addressing government concerns that the Abu Dhabi carrier appeared to be taking control of the Indian airline.

Etihad will now take two seats on the board, which will have up to 12 members, one less than initially planned.

Jet's founder group will appoint four board members and will have the right to nominate the chairman, whereas Etihad will appoint a vice chairman, according to the document.

Opposition politicians have opposed the deal on grounds that a bilateral accord between India and the United Arab Emirates increasing number of seats per week favoured Etihad and also on security concerns.

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News Network
June 6,2020

Thiruvananthapuram, Jun 6: The Sabarimala Temple in Kerala is set to reopen from June 14 for devotees for monthly pooja and festival.

The temple will be open for the five-day monthly rituals in the Malayalam month of Midhunom that begins on June 15. From June 19-28 is the Sabarimala festival

A virtual queue system has been put in place in which 200 people will be allowed to register within an hour, Devasom Minister Kadakampally Surendran said.

To avoid crowding, only 50 devotees will be allowed to be present in front of the temple.

Before entering the premises, people will be scanned in Pampa and Sannidhanam. As a precautionary measure, people have been asked to wear mask and sanitation would be carried out at regular intervals.

Notably, no accommodation will be provided to the devotees in Sabarimala.

According to the Devasom Minister the administration has made two slots for the temple visit-- 4 am to 1 pm and 4 pm to 11 pm.

Also, the vehicles will only be allowed till Pampa. People coming from other states are required to register at government COVID Jagrata pass registration portal. Moreover, Appam and Arvana will be provided only through online booking.

Also, the devotees coming from other states will have to upload Indian Council of Medical Research (ICMR) labs certificate as a proof that they have not been infected with the lethal infection.

Also for the Guruvayoor Temple, the district collector, police and temple administration will hold a meeting to decide on the re-opening of the Temple. Here too devotees have to get themselves registered online.

In a single day, 600 people would be allowed to offer prayers at this shrine. Each hour, 150 people will be allowed to enter the premises.

Also, the time slot will be provided to people. In one batch 50 people will be allowed for 15 minutes inside the premises

Not only that, but marriages can also again be solemnised with divine blessings at the Guruvayoor temple. The administration will allow only 60 marriages in a day.

Weddings were stopped at the temple, due to the COVID-19 lockdown that was in place since March 24.

A marriage group should not have more than 10 people, including the bride and the groom and it is mandatory for the group to abide by the social distancing norm.

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News Network
January 31,2020

Jan 31: Twenty-three children aged between six months and 15 years, who had been taken hostage by a murder accused after inviting them to his daughter's birthday party, were rescued late on Thursday night after police killed their captor in a village here.

The hostage drama began at Kasaria village in the afternoon and continued for about eight hours.

"The accused was killed and there were about 23 children who were rescued safely," Additional Chief Secretary (Home) Awanish Awasthi told reporters at a hurriedly called press conference at 1.20 am.

"The accused had invited the children for the birthday party of his daughter and held them hostage. It started about 5.45 pm on January 30 and continued for about eight hours," Director General of Police (DGP) O P Singh said, adding that in the entire operation they had tried to "engage" the accused and were successful.

He said the accused, identified as Subhash Batham, had initially released a six-month-old girl by handing her over to his neighbour from a balcony.

Eyewitnesses said a restive crowd gathered outside the house where the children were kept with some women wailing and praying for their safe release.

The crowd broke open the door of the house to rescue the children, they said.

As the accused opened fire, the police retaliated killing him on the spot.

In the exchange of fire, the captor's wife was injured, but none of the children suffered any injury.

A man and two policemen also suffered bullet injuries.

The motive of the accused was not known immediately.

Chief Minister Yogi Adityanath monitored the situation in Farrukhabad, which is nearly 200 km from state capital Lucknow.

"The CM as soon as he got to know about the incident called a meeting of the crisis management group and personally monitored the situation and ensured children are rescued safely," Awasthi said.

Earlier, a team of NSG (National Security Guard) commandos had taken a special aircraft to reach Farukhabad, a senior security official in Delhi said.

Police said Batham, a murder accused, seemed to be mentally unstable.

Inspector-General of Police, Kanpur Range, Mohit Agarwal, said, "The man called the children for a birthday party and held them hostage in the basement of the house. He fired six shots from inside the building."

Batham initially wanted to talk to the local MLA, but refused to speak to the leader when he arrived, Agarwal said.

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News Network
March 19,2020

New Delhi, Mar 19: Lawyer of Mukesh Singh, who is one of the four death row convicts in the Nirbhaya gang-rape and murder case, on Thursday mentioned a petition before the Registrar of the Supreme Court seeking an urgent hearing in the matter.

Advocate Manohar Lal Sharma, through the petition, sought directions to bring call record, documents and reports of his client through any probe agency and passed appropriate directions and measure to ensure justice in the matter.

The petition, however, has not sought a stay on the execution, which is scheduled for the morning of March 20. The petition is likely to be taken up for hearing today.

Earlier today, the apex court dismissed the curative petition of Pawan Gupta, another convict in the matter, who claimed juvenility at the time of the crime.

This comes as the four convicts -- Mukesh Singh, Akshay Singh Thakur, Vinay Sharma and Pawan Gupta -- are scheduled to be hanged at 5.30 am on March 20.

Meanwhile, several other petitions are also pending in the matter in different courts.

The case pertains to the brutal gang-rape and killing of a 23-year-old paramedical student in a moving bus on the night of December 16, 2012, by six people including a juvenile in the national capital. The woman had died at a Singapore hospital a few days later.

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