Dubai: Abu Dhabi's Etihad Airways confirmed it had taken a 24 per cent minority stake in Jet Airways for $379 million. The Gulf carrier said in an emailed statement it would subscribe to 27.3 million new shares at Rs 754.74 per share.
Jet said in a brief statement to the stock exchange earlier on Wednesday that its board had approved the allotment to Etihad. Etihad, which is on an aggressive expansion drive, will also make a $150 million equity investment in Jet's frequent flyer programme and spend $70 million to buy Jet's three pairs of Heathrow slots through the sale and leaseback agreement announced in February.
Jet's majority ownership will remain with Indian nationals and Jet's founder and non-executive chairman Naresh Goyal will hold 51 per cent of the airline after the deal, which is subject to shareholder approval, the statement added.
As part of the deal Jet will establish a hub in Abu Dhabi and expand its reach through Etihad Airways' global network....
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07:59 PM, Apr 24, 2013
Dubai: Iran test-fired a new land-to-sea ballistic missile in the Gulf, a senior official said on Tuesday, days before an annual ceremony meant to showcase its military muscle at a time of rising tension with the West over its nuclear activity. Israel has publicly warned of possible air strikes on Iran's nuclear sites if Tehran does not resolve Western suspicions it is developing nuclear weapons know-how under cover of a...
04:55 PM, Apr 16, 2013
Washington: A US Navy investigation has ruled out any wrong doing into the killing of one Indian fisherman in a firing incident off the Persian Gulf in 2013 that also injured three others. "The investigation found that the use of force was appropriate and in accordance with Chairman, Joint Chiefs of Staff Standing Rules of Engagement," said the report released by the Commander of the US Naval Forces Central Command....
02:15 AM, Apr 09, 2013
President Hamid Karzai held talks with Qatari leaders on Sunday, official media reported, on a visit the Kabul government has said would seek to explore the possibility of talks with Taliban insurgents on ending Afghanistan's war. ...
06:30 AM, Apr 01, 2013
A local court on Friday convicted and sentenced four persons to 10 years in prison for raping a woman two years ago. The court also slapped a fine of Rs 18,000 on the main accused while a penalty of Rs 10,000 was levied on each of the rest. ...
04:15 AM, Mar 09, 2013
Prime Minister Manmohan Singh will formally inaugurate the global NRI meet Pravasi Bharatiya Divas in Kochi on Tuesday. Over 2,000 delegates are expected to participate in the three-day event that started in Kochi on Monday. The theme this year is 'Engaging Diaspora - The Indian Growth Story.' ...
08:54 AM, Jan 08, 2013
A Kuwaiti court sentenced a man to two years in prison for insulting the country's ruler on Twitter, a lawyer following the case said, as the Gulf Arab state cracks down on criticism of the authorities on social media. ...
10:50 PM, Jan 06, 2013
Jet Airways confirmed on Thursday that it was in talks with Abu Dhabi's Etihad Airways for a potential stake sale in the Indian carrier, although terms have not been finalised yet. "Various structures are being explored by the legal and commercial teams and care being taken to ensure that all the Indian regulatory requirements are fully complied with," Jet said in a statement to the Bombay Stock Exchange. ...
02:49 PM, Jan 03, 2013
Truth is, retired Gen H Norman Schwarzkopf didn't care much for his popular "Stormin' Norman" nickname. The seemingly no-nonsense Desert Storm commander's reputed temper with aides and subordinates supposedly earned him that rough-and-ready moniker. But others around the general, who died Thursday in Tampa, Fla, at age 78 of complications from pneumonia, knew him as a friendly, talkative and even jovial figure who preferred the somewhat milder sobriquet given by...
03:38 PM, Dec 28, 2012
Gulf carrier Etihad Airways, seeking to widen operations in India and other Asian markets, is in the final stages of talks to buy part of either Jet Airways or grounded rival Kingfisher Airlines, an Indian government official said on Monday. A deal, which the official said could be announced by next week, would be the first since the government relaxed ownership rules in September to allow foreign airlines to invest...
08:12 AM, Dec 18, 2012
Dubai: He quit India's space agency many years ago to spur a revival of India's cultural traditions across the world. Today, Nataraja 'Soorya' Krishnamoorthy is busy trying to rejuvenate Kerala's age-old arts, enable folk and theatre artists to live a more dignified life and also integrate Malayali artistes living outside Kerala, especially those in the Gulf countries. Krishnamoorthy, the brain behind the reputed Soorya Festival, is determined to use his...
10:01 AM, Nov 09, 2012
New Delhi: Indias International Friendly against Yemen which was slated to be played on November 14, 2012 in Guwahati stands cancelled. All India Football Federation received an e-mail from the Yemen Football Association on Thursday (November 8) morning that tickets were cancelled due to some problems with the Airlines. 'The Gulf Airlines cancelled their reservations for late notification,' the mail stated. All India Football Federation tried to communicate with the...
05:08 PM, Nov 08, 2012
New Delhi: Hinduja group firm Gulf Oil Corporation Ltd on Wednesday said it is fully acquiring US-based Houghton International Inc for $ 1.045 billion (about over Rs 5,685 crore) through a UK-based subsidiary. "An agreement was signed for the acquisition by its wholly-owned subsidiary in the UK on November 6, 2012, with the sellers, a US-based private equity fund," the company said in a filing to the BSE. The $...
10:45 AM, Nov 07, 2012
New Delhi: Concerned over rising instances of piracy off the Somali coast in the Gulf of Aden, India is readying an initial 100-man team to protect its merchant vessels in the area. This is the first time armed personnel will be deployed aboard cargo ships. The Central Industrial Security Force (CISF) will take on the responsibility of securing the merchant vessels, under a proposal mooted by the ministry of shipping...
08:32 PM, Sep 16, 2012
Florida: Tropical Storm Isaac lashed south Florida with winds and heavy rain on Monday after battering the Caribbean, threatening to interrupt most US offshore oil production in the Gulf of Mexico and disrupting plans for the Republican National Convention in Tampa. Isaac is expected to strengthen to a Category 2 hurricane and hit the Gulf Coast somewhere between Florida and Louisiana at midweek, on or near the seventh anniversary of...
08:46 AM, Aug 27, 2012
Kochi: The Crime Branch team investigating a sex racket in Kochi, whereby young girls were taken to the Gulf, received information on Saturday that about 12 girls were transported with the assistance of Kochi airport officials by forging the passports. The Crime Branch investigation was held on the basis of the complaint from a girl who escaped the clutches of the racket and reached Mumbai. The sex racket operating in...
09:46 AM, Jul 29, 2012
Thiruvananthapuram: This may well be the beginning of the end for Keralas very special relationship with Gulf countries, where thousands of grocery and cafeteria assistants as also other menial workers invariably used to be from Gods Own Country. With most of the emigration centres in the state experiencing a slow but sure decline, it could be interpreted that the non-resident Keralite is coming of age as he is moving out...
12:21 PM, Jul 18, 2012
New York: Fears of violence in the Persian Gulf escalated, pushing the price of oil higher. The Obama administration slapped Iran with more sanctions aimed at stifling its nuclear program. Traders, who worry that the sanctions will eventually lead to a military conflict in the Gulf, responded by buying oil. "This just puts the risk back out there," said Phil Flynn, an oil analyst with Price Futures Group. Oil prices,...
07:36 AM, Jul 13, 2012
New Delhi: India plans a roadshow next week in five Gulf countries to attract sovereign funds and other investors to help revive slowing growth in Asia's third largest economy. A rapid pace of more than 9 per cent expansion before the 2008 global financial crisis has softened to just 5.3 per cent in the March quarter, the weakest in nine years, and Finance Minister Pranab Mukherjee hopes to attract petro...
01:29 AM, Jun 08, 2012
New Delhi: A Class 12 student from Sharjah (UAE) became the regional topper in Delhi in the Central Board of Secondary Education (CBSE) results, which were declared in New Delhi on Monday. "Anant Srinivasan from Delhi Private School in Sharjah has scored 98.2 per cent in Delhi region of the CBSE. He is the regional topper," a senior official of the CBSE said. The CBSE examinations conducted in the Gulf...
07:15 PM, May 28, 2012
