Mahanagar Gas IPO does not move the needle much for GAIL
The GAIL (India) Ltd stock has underperformed the Sensex in the last one month. True, investors expect Mahanagar Gas Ltd’s initial share sale to unlock value for GAIL, which is selling 12.5% stake in the city gas distributor. However, in the overall scheme of things it may not amount to much. For perspective—at the higher end of the price band of Rs.380-421 per share, GAIL will fetch about Rs.520 crore through the offer for sale while its market capitalization on Thursday was Rs.47,618 crore. Also, at Rs.421 per share, GAIL’s remaining 32.5% stake is valued at around Rs.1,350 crore, hardly moving the needle. Nevertheless, investors have reason to rejoice. So far this fiscal year, the share price has increased 10% from a closing low of Rs.340 at the beginning of April. A recovery in its petrochemicals business is on the cards. Overall, fiscal year 2016 was a challenging one. Stand-alone pre-tax and one-time earnings declined by a fourth from a year earlier to Rs.3,173 crore. The petrochemicals business has been a major source of pain what with the segment posting earnings before interest and taxes (Ebit) loss of Rs.807 crore in FY16. Performance was impacted on account of lower sales volume and weaker prices. However, the business is expected to swing to profit this year. The re-negotiation of RasGas long-term LNG (liquefied natural gas) contract at lower prices is expected to reduce raw material costs, helping petrochemicals performance. GAIL has commissioned its petrochemical plant expansion in Pata (Uttar Pradesh) with capacity of 0.4 million tonnes per annum or MPTA (taking total capacity to 0.81 MPTA). Accordingly, the segment should also benefit from a gradual ramp up in volume. Further, if crude oil prices continue to improve, an improvement in petrochemicals prices can be expected. Investors must also keep a tab on tariff hikes. Motilal Oswal Securties Ltd informs that GAIL has implemented KG basin pipeline tariff from 1 April and final tariff orders for other pipelines are awaited. The only worry, however, is that GAIL’s share currently trades at about 14 times estimated earnings for this fiscal year, suggesting a good portion of the optimism is already in the price. Therefore, meaningful upsides could be limited in the near-term. In the last one year, the GAIL stock has shed 7% compared with a 2.9% decline in the benchmark Sensex. Saquon Barkley Authentic Jersey
Snapdeal CEO Kunal Bahl’s letter to employees on Nikesh Arora’s resignation
Seems the news of Softbank CEO Nikesh Arora’s sudden resignation from the company created a bit of unrest in the Gurugram-based startup Snapdeal. SoftBank is the largest shareholder in the online marketplace Snapdeal, holding over 30% stake in the company. As the company’s founder and CEO Kunal Bahl sent out a letter to employees assuring them that Arora’s exit will not have an adverse impact on Snapdeal. Here’s the letter (verbatim) sent by Bahl to employees across the company. Dear Team, Many of you would have read in the news today about Nikesh’s departure from SoftBank. Needless to say, it comes as a surprise for the world at large. Nikesh has been making all of us very proud throughout his career at Google and SoftBank. He has also been a great supporter of Snapdeal, and many other startups in the Indian internet ecosystem. I am quite confident that his next wil be a very positive one, and we all wish him supreme success in his future endeavours. While Nikesh’s departure from SoftBank is a loss, I want to assure everyone that we continue to be fully supported by SoftBank, strategically and financially. So, don’t worry too much about this, Nikesh will continue to be involved with advising us in all our key initiatives, as he has been doing over the last 18 months. Masa-san, SoftBank’s Founder and CEO, has assured me of SoftBank’s complete support in all our initiatives, in the same exact way that they have been supportive since the time they made their first investment. Needless to say, our focus doesn’t change with this news. We have to sharply continue our efforts to build the most reliable and frictionless commerce ecosystem in India, and create massive impact for our country. And for that, we have all the support that we need from SoftBank and all our shareholders. Once again, congratulations to everyone on all the progress we are making! We are doing really well. Let’s just keep ROCKING! Michael Palardy Authentic Jersey
Great Indian startups some way off, will continue to support those with which I was involved: Softbank’s Nikesh Arora
Nikesh Arora, who helped back Indian startups with over $1 billion in SoftBank capital in less than a year, believes that “great businesses” are some way off and the way to get there is for founders to be focussed on execution. The outgoing president of the Japanese conglomerate told ET by email that he will continue to support the startups that he was involved in funding, observing that he has made friends with the founders. “Indian startups are going through a phase of consolidation both of their sectors as well as their positions,” Arora wrote in response to questions from ET. “It will be a long road from here to great large businesses,” he added. Arora, 48, a former chief business officer at Google, announced his surprise resignation from SoftBank on Tuesday after the Japanese group’s founder Masayoshi Son said he planned to continue as the chief executive officer for years more. Arora had been tipped to succeed Son in 2017, when the Korean-origin businessman turned 60. “We had an honest conversation if he was ready to give up. Upon reflection he felt his work was not done, which of course is a founder’s prerogative. I didn’t feel I wanted to wait for 5-10 years, hence my transition to adviser,” Arora said. The companies that Arora backed in India include online retailer Snapdeal, ride-hailing app Ola, on-demand grocery retailer Grofers, budget hotel aggregator Oyo and realty portal Housing. While emphasising the value of execution, Arora, who takes on an advisory role at SoftBank from July 1, said there is no doubt of the potential of India as a market. “The market is there, the consumer trends are there too it is a matter of sustained, disciplined execution with an eye to satisfying the customer with a product that delights,” he said. Just a day before he resigned, Arora was exonerated by an internal committee of the Soft-Bank board probing allegations of conflict of interest and financial mismanagement against him by anonymous shareholders. Arora said his integrity is unimpeachable. “I had no doubts about what the special committee was going to report. Integrity and doing the right thing has been ingrained into my family by my father who served in the Indian Air Force,” he said. As for the future, he said he had not thought about what to do next, deflecting questions about interest in politics or working in the government in India. “I haven’t spent time thinking about what next. I intend to continue supporting the smart people I have helped SoftBank hire and also the investee companies of SoftBank,” he said. Nick Holden Authentic Jersey
MP Govt. to impose six percent tax on online shopping
The Madhya Pradesh Government has decided to impose six percent tax on online shopping in order to increase the state’s revenue and entail everything in the tax bracket with no exceptions at all. “Madhya Pradesh Government will soon impose six per cent tax on online shopping.This will be imposed on the items we get here through transporters. All the online shipments will be put under supervision, whether it’s within the country or from abroad,” MP finance minister Jayant Malaiya told here. “The motto here is to put all the tax free things in the tax bracket and work towards the benefit of those who suffer losses because of selling commodities by imposing with taxes,” he said. Malaiya also said the initiative came as a response to the losses suffered by the government due to the constant proliferation of the internet-based retailers like Amazon, Flipkart, etc. “This has been followed in many other countries and now when Indian government has also taken it under consideration, suitable measures have been taken to entail it effectively,” he added. Shaun Alexander Jersey
Pilot Programme to run two wheelers on CNG launched by Shri Dharmendra Pradhan & Shri Prakash Javadekar
In a major step to curb rising air pollution in Indian cities, Minister of State for Petroleum and Natural Gas (I/C) Shri Dharmendra Pradhan and Minister of State (I/C) for Environment, Forests & Climate Change Shri Prakash Javadekar launched first of its kind Pilot Programme in the country to run two wheelers on Compressed Natural Gas (CNG) in New Delhi today. Smt. Meenakshi Lekhi, Member of Parliament, was also present on the occasion. Welcoming the initiative, Shri Pradhan said that the Government is pro-actively striving to promote clean fuel in the country. He said that under the visionary leadership of Prime Minister Shri Narendra Modi, the Government is promoting the use of gas in the country, thereby providing a better lifestyle to the people and also fulfilling the COP-21 commitments to curb pollution. Shri Pradhan said that the Gas share in the country’s fuel basket is just 7% compared to world average of around 24%. Describing the pilot programme to run two wheelers on CNG as historic, he said that after evaluating its experience, it will be expanded very fast. Expressing the Government’s commitment to Clean Delhi, the Minister said that he has already written to Delhi Government to make Bawana power plant fully operational on LNG so that cheaper and clean power is made available to residents of Delhi, but no satisfactory reply has been received. He said that 350 MW Badarpur Thermal power plant in the capital is making several times more pollution than all the vehicles of Delhi put together. Speaking on the occasion, Shri Prakash Javadekar said that the Government is fully committed to control pollution in the country, and for this purpose, there will be a jump from Euro-IV type fuel to Euro-VI by 2020. He said that Environment Ministry will fully support the endeavours to promote clean fuel, including Gas. The Minister said that the launch of pilot phase of the project for CNG kit in two-wheelers will have a far-reaching implication in reducing pollution. Outlining the steps taken by the government, Shri Javadekar said that steps such as cess of Rs. 400 per tonne on coal, introduction of E-rickshaws and providing subsidy to electric/hybrid cars, show the urgency and intention of the government to fight pollution. Mrs Meenakshi Lekhi congratulated the Ministry of Petroleum and Natural Gas for initiating the welfare measures. She said that pilot project is a sign of growing India-Iran cooperation, as the Iranian kits have been used for retrofitment. Being implemented by Indraprastha Gas Limited (IGL) and one of its parent company, GAIL (India) Limited, the Pilot Programme involves 50 CNG retrofitted two wheelers. Of these, the first batch of ten CNG retrofitted two wheelers were flagged off by the dignitaries today. The introduction of CNG in two wheeler segment has the capacity to revolutionize the fight against air pollution in the country and especially in the metros like Delhi, where two wheelers contribute a major portion in the vehicular emissions, according to several studies. The ‘Hawa Badlo’ movement is a people’s initiative to fight air pollution which is supported by GAIL and city gas distribution companies. As part of the movement, a number of awareness drives have been carried out regarding the fight against air pollution. ‘Hawa Badlo’ also supports research initiatives in this regard, of which the CNG retrofitted two wheeler programme is a part. The scooters are being retrofitted with CNG kit manufactured by M/s Ituk Manufacturing India Pvt. Ltd. The type approval of the CNG kit has been taken from Automotive Research Association of India (ARAI) as well as Transport Department, Govt. of NCT of Delhi. The type approvals of all Components, parts, assemblies in the kit have been received from Petroleum and Explosives Safety Organization (PESO), International Center for Automotive Technology (ICAT) and Automotive Research Association of India (ARAI), as applicable. The retrofitment in vehicles has been undertaken in a centre authorized by Transport Department, Govt. of NCT of Delhi. As per idle emission test, the hydrocarbon emissions from CNG retrofitted two wheelers are 75% lesser and CO emissions are 20% lesser as compared to petrol driven similar models. The CNG kit for two wheelers comprises two CNG cylinders of 4.8 litre water capacity each, which can be filled with up to 1 kg of CNG in each cylinder. These CNG retrofitted two wheelers can drive upto 120 kms in a single fill and are expected to be substantially economical as compared to a similar petrol run vehicle at the current level of prices, as per the kit manufacturer. The performance of 50 CNG retrofitted two wheelers would be closely monitored in terms of efficiency, emissions, etc. during the pilot phase by all the stakeholders and the learning from this project would be used to develop the roadmap for introduction of CNG in two wheeler segment across the nation. Noah Hanifin Authentic Jersey
Prime Minister to launch Smart City projects
Prime Minister Shri Narendra Modi will launch Smart City projects on Saturday i.e June 25,2016 kick starting execution of Smart City Plans of 20 cities selected in the first round of ‘Smart City Challenge Competition’. This marks the beginning of holistic and integrated urban development in the country as envisaged under the new urban missions launched by the Government. Prime Minister will launch 14 projects under the Smart City Plan of Pune from the city’s 5,000 capacity Shiv Chatrapati Sports Complex at a programme to be presided over by the Minister of Urban Development Shri M.Venkaiah Naidu. Maharashtra Governor Shri Ch.Vidyasagara Rao and Chief Minister Shri Devendra Fadnavis will also be present on the occasion. Another 69 such projects will be launched the same day in the other Smart Cities entailing a total investment of about Rs.1,770 cr. The projects to be launched in Pune and other cities include Solid Waste Management projects under Swachh Bharat Mission, Water Supply Projects, Sewage Treatment Plants and development of open and green spaces under Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Housing Projects for urban poor under Pradhan Mantri Awas Yojana and area development and technology based Pan-city Solutions under Smart Cities Mission realizing the objective of convergence in implementation of new urban missions. Saturday’s launch also marks the beginning of implementation of urban development plans based on five year action plans formulated after detailed analysis of infrastructure gaps in over 500 cities included in Smart City Mission and AMRUT, accounting for about 70% of country’s urban population. This brings to an end the ad hoc and project based approach to urban development followed so far. Prime Minister Shri Modi will also inaugurate ‘Make Your City SMART’ contest aimed at involving citizens in designing roads, junctions, parks etc. Suggestions and designs suggested by the citizens will be duly incorporated by respective smart cities. Winners of this contest will be given rewards in the range of Rs.10,000/- to Rs.1,00,000/-. This is aimed at continuing citizen participation in the planning under which about 1.50 crore citizens participated in the formulation of Smart City Plans to making of smart cities. Smart Net Portal also will be inaugurated by the Prime Minister which enables the cities under different urban missions to share ideas and source solutions for various issues during the implementation of various missions. All the first batch of 20 smart cities will be linked through video-conferencing on the occasion of launch of projects by the Prime Minister. Smart Cities Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Pradhan Mantri Awas Yojana (Urban) were launched by the Prime Minister on June 25 last year. Subsequently, two rounds City Challenge competitions were conducted to pick up the first batch of 20 smart cities whose projects are being launched on Saturday. These 20 cities have proposed a total investment of Rs.48,000 cr in area development and Pan-city solutions. Some of the projects to be launched city-wise are: Pune : Slum Rehabilitation of Dr.Balasaheb Ambedkar Vasahat Aundh, Steet and Pedestrian Walkway, Modern Buses with Alternative Fuels, Traffic Demand Modelling Project, City Common Mobility Card. Ahmedabad : Sewage Treatment Plant, Irradiation Sludge Hygienation project, housing project, River Front Garden, Common City Payment System, Smart Learning in Municipal Schools, Supervisory Control and Data Acquisition System (SCADA) for water supply. Bhubaneswar: Railway Multi-modal Hub, Traffic Signalisation Project, Urban Knowledge Centre. New Delhi Municipal Council : Mini-sewerage Treatment Plants, 444 Smart Class Rooms, Bio-methanation Plant, WiFi, Smart LED streetlights, City Surveillance, Command and Control Centre. Jabalpur: Waste to Energy Project, Sewerage Treatment Plant, Multilevel Car Parking, Multipurpose Smart Card, Sensor based tags for household dustbins. Jaipur: Beautification of Ramnivas Garden, 100 MW Rooftop Solar Power Plant, Public Bike Sharing Kakinada (Andhra Pradesh): Solar Roof Top Power Plant, distribution of e-rikshaws, e-pathasalas. Kochi (Kerala):Pashinithodu canal rejuvenation and refurbishment, St.John Park renovation, MG Road Footpath renovation. Belagavi (Karnataka): Natural Gas Distribution Network, Rooftop Solar Plant, GSM based monitoring of solid waste collection vehicles. Under Atal Mission for Rejuvenation and Urban Transformation (AMRUT), projects with a total investment of Rs.2,900 cr are also set to be launched in Uttar Pradesh, Madhya Pradesh, Jharkhand, Odisha, Rajasthan, Gujarat, Kerala, Chandigarh and Manipur. These include sewerage projects with an investment of Rs.1,275 cr and water supply projects at a cost of Rs.817 cr. Mark Barron Authentic Jersey
Air operator permit policy to be amended for new FDI norms
The government today said it will amend the existing policy for grant of air operator permit (AOP) to bring it in line with its recent decision to allow 100 per cent foreign direct investment in domestic airlines. It would also be “examining” the substantial ownership and effective control (SOEC) norms of the various countries which permit more than 49 per cent foreign direct investment (FDI) in their airlines, Civil Aviation Secretary R N Choubey told reporters on the sidelines of an aviation event here. Under the current norms, AOP or flying licence is granted to a company only if its chairman and two-third Directors are Indian citizens and its substantial ownership and effective control is vested in Indian nationals. “The policy relating to AOP being given, that policy will be completely aligned with the FDI Policy. So if there is something when higher FDI investment is not resulting in AOP being given, then the AOP requirement will be to that extent will be amended,” Choubey said. Foreign investors, barring overseas airlines, are now allowed to have up to 100 per cent stake in local carriers under the recently liberalised FDI norms. Under the new set-up, 49 per cent FDI will be through the automatic route and for anything beyond, government nod will be required. At present, up to 49 per cent FDI is permitted in scheduled airlines. However, foreign airlines, under the norms, canot invest more than 49 per cent in the domestic carriers. The requirement of SOEC comes up at two places– for grant of AOP to an Indian citizen and at the place where India has to grant bilateral rights, he said. “For the purpose of granting AOP, because the FDI limit has been increased, therefore, correspondingly the AOP requirement of substantial ownership and effective control will also have to be aligned with it. That will require amendment,” he said. As far as bilateral rights are concerned, the requirement of SOEC is also a condition from International Civil Aviation Organisation (ICAO) and not of a particular government or country, he said. “All that it means is that if you are having more than 49 per cent then there may be an issue in getting the bilateral rights for flying abroad. But if you wish to fly within the country, then there is no bar,” he said. When asked why an airline with 100 per cent investment from a foreign country will fly only domestic, Choubey replied, “India itself is a huge market. So somebody if wishes to use its domestic market they can do so.” There are also code shares, the rules regarding which have been also liberalised, Choubey said, adding, “If they wish to grow within the country and also take up the code shares, they can do so.” He said the purpose of allowing overseas investors own up to 100 per cent stake in Indian carriers is to encourage investments in domestic operations. To a question whether domestic carriers owned 100 per cent by foreign investors will be allowed to fly international skies, Choubey said, “We are examining whether they can fly abroad. But presently, it appears that ICAO regulations are binding on signatory countries.” “We will examine what other countries who are similarly placed are going in respect of the carriers being allowed to fly abroad and then will take a call,” Choubey said. When asked how would the government ensure that foreign airlines comply with the 49 per cent FDI ceiling, he said, “As part of the approval, a very thorough due diligence will be done to ensure that directly or indirectly foreign airline ownership does not exceed 49 per cent, which is mandated.” Arian Foster Authentic Jersey
Karnataka to set up 500-acre exclusive township for Japanese firms: CM Siddaramaiah
Karnataka will develop an exclusive Japanese International Township (JIT) in a 500-acre plot in Tumakuru district, which is about an hour’s drive from Bengaluru. The township will come up at Vasantha Narasapur, and it will host only Japanese firms, Chief Minister Siddaramaiah said here on Thursday after opening the new engine unit of the Toyota Industries Engine India at Jigani on the city outskirts. The Chief Minister hailed Japan as a sturdy partner with Karnataka, and more than 400 Japanese firms operate here, making Karnataka one of the largest clusters for Japanese companies in India. Toyota Mitsubishi Engineering Industrial Corporation (TMEIC) and Mitsubishi Elevators are some of the Japanese companies that recently established their plants in the State. The government, the CM said, has been supporting Japanese investors by project facilitation mechanisms in the Industries department by constantly reviewing the progress. Nathan Beaulieu Jersey
Need to bring down cost of leasing: Aviation Secretary
The Civil Aviation Policy is just the beginning and the government needs to work on how to reduce the cost of leasing aircraft, Aviation Secretary RN Choubey said on Thursday. “The civil aviation policy is just the beginning. We wish to stay ahead of the growth curve and if we fall behind the growth curve, for example as it happened in case of urban development in the country, there will be aviation chaos in skies, airports,” Choubey said at an Assocham event here. On the cost of leasing, he said, “If the cost leasing remains high either because of capital or any other procedural requirement, the regional connectivity may find difficulty in taking off.” Convert unused airports into SEZs? On the policy front, Choubey said that people have been coming forward with ideas. He mentioned an idea he received which suggested converting some unused airports into special economic zones where aircraft leasing companies can park their planes and showcase them to potential customers. Another idea that he received was “the possibility of utilising certain unused airports for the purpose of parking aircraft and even use aerodromes for plane-breaking or dismantling of old aircraft”. The Cabinet on June 15 had approved the Civil Aviation Policy which has scrapped the 5/20 rule for airlines. Moreover, the government aims to make flying more affordable by capping airfares at ?2,500 per hour stage length under Regional Connectivity Scheme at unserved airports. The cap will, however, apply only of a destination which is being connected is currently an unserved airport. The draft of the regional connectivity scheme will be out by the end of this month, he added. Allen Hurns Womens Jersey
Ratan Tata’s aviation ambitions step closer as India opens up
Officially at least, Ratan Tata, patriarch of one of India’s wealthiest business families, retired in late 2012. In reality, he has been a driving force behind Tata’s bet on airlines and a rare public campaign to open up the booming aviation sector. The $100 billion Tata group conglomerate is a major beneficiary of the decision last week to open up aviation in India, making it easier for start-ups to fly overseas sooner. The decision is no panacea for Tata, whose airlines – Vistara and AirAsia India – have had a slow start in a competitive market dominated by IndiGo, owned by InterGlobe Aviation, and Etihad-backed Jet Airways, both of which opposed the rule change. But it marks a victory for 78-year-old Ratan Tata, and ends more than two years of airlines lobbying, of Twitter rows and of frequent public statements from the usually circumspect steel-to-salt group. “This was a David-and-Goliath kind of situation,” said a source close to Tata group. “There was huge lobbying from the other side.” Ultimately, sources familiar with the talks said, it was Ratan Tata, a trained pilot, who was key to sealing the deal, capitalising on his clout. In a message earlier this year, he called for “a new open market economy” and said airlines lobbying against a rule change was “reminiscent of protectionist and monopolistic pressures by vested interests’ entities who seem to fear competition.” A spokesman for Tata Sons denied Ratan Tata was directly involved, saying he had “nothing to do with operations or management of either of the airlines” after his retirement, and that views he expressed were personal. Tata Sons is a significant shareholder in major Tata group companies, and about two-thirds of Tata Sons’ equity capital is held by philanthropic trusts endowed by the Tata family. TURBULENT BEGINNINGS Not that either of Tata’s two airline ventures – a low-cost carrier owned with Malaysia’s AirAsia Bhd and Vistara, a full-service carrier run with Singapore Airlines – is yet ready to fly overseas. Both have had turbulent starts. Vistara initially focused on domestic business travellers, but had to reconfigure its aircraft after a year, to replace pricier seats with cheaper ones. AirAsia underwent a management shake-up earlier this year. Vistara’s share of India’s passenger air market is rising but is still just 2.5 percent after nearly 18 months in business. AirAsia’s share after two years has stagnated at about 2 percent, government data showed, compared with IndiGo, which has a 39 percent share, and Jet Airways with 19 percent. But flying overseas is critical. It means higher profits and margins than in India’s cut-throat market dominated by low-cost carriers, and Vistara and AirAsia now aim to boost their fleet sizes within a year. A Tata Sons spokeswoman said making profit can take several years and the group had a “clear road map”: “Aviation is a long gestation business sector.” The new rules water down a requirement known as 5/20, which barred domestic airlines from flying overseas before being in operation for five years and having 20 aircraft. Now they can fly overseas as long as they deploy 20 aircraft or 20 percent of total capacity in India, whichever is higher. Tata Sons and the two airlines said they would prefer the rules to be abolished altogether. TATA’S RE-ENTRY Tata group, a business empire stretching from Jaguar Land Rover and steel mills in Britain to salt pans and India’s cheapest car, has a long history in aviation. J. R. D. Tata, the group chairman before Ratan Tata, became India’s first qualified pilot in 1929, and set up an airline that was later nationalised as state carrier Air India. Under Ratan Tata, the group sought to snap up Air India in a privatisation process, later aborted. Instead, even as current chairman Cyrus Mistry has sought to wind up some of Tata group’s more ambitious projects, Ratan Tata pulled the group back in with two joint ventures. For his critics, the intervention was too little, too late. In 2013, a year after India liberalised foreign direct investment in aviation, Tata returned, first with AirAsia and then Vistara. “India’s market has only just started and it could provide growth for global aviation for the next 10 or 15 years,” said Kapil Kaul, New Delhi-based chief executive of the Centre for Asia Pacific Aviation (CAPA) consultancy. India is the world’s fastest-growing aviation market, clocking more than 20 percent growth last year, and CAPA expects domestic passenger travel to grow to 500 million by 2035 from 70 million in 2015. Tata group is moving to capitalise on the win. Vistara, which has 11 aircraft, had an original plan to scale up to 20 by June, 2018, but could speed that up. “We do not rule out accelerating the deliveries or procuring more aircraft from leasing firms, manufacturers or, for that matter, from our parent Singapore Airlines also,” Vistara CEO Phee Teik Yeoh said in response to a query. Yeoh said the company was reviewing its international plans. AirAsia is in the process of ramping up its aircraft to 20 from six to meet the criteria, India CEO Amar Abrol said, adding that the airline lobbied hard for the removal of the 5/20 rule. Matt Moulson Authentic Jersey