Domestic air traffic up 20% in June
Domestic airlines flew 95.86 lakh passengers in June, registering a growth of 20 per cent over the 79.75-lakh passengers flown during the same month in the previous year. IndiGo retained the number one spot by flying 38.26 lakh passengers in June followed by Jet Airways (14.58 lakh) and SpiceJet (12.73 lakh). Air India carried 12.49 lakh passengers, while GoAir flew 8.05 lakh, Vistara 3.44 lakh and AirAsia 3.51 lakh passengers. SpiceJet, however, reported the highest passenger load factor of 94.5 per cent. Passenger load factor shows how many of the total seats on offer gets filled. AirAsia reported a PLF of 89.6 per cent, followed by GoAir (89.4 per cent), IndiGo (87.8 per cent) and Vistara (86.4 per cent). Brandon Mashinter Authentic Jersey
Goods And Services Tax Will Accelerate Growth, Says Union Minister Nitin Gadkari
The Goods and Services Tax (GST) will accelerate the growth and ease of doing business and help in nation building, Union minister Nitin Gadkari said today. “GST will remove the red-tapism and corruption and will bring in transparency in the system,” the Shipping minister said at the inaugural ‘Gopal Krishna Gokhale Memorial’ lecture organised by newspaper ‘The Hitvada’. “Till a few days ago 75 lakh (traders/businessmen) have registered for the GST and it is the biggest economic reform that the the country has witnessed wherein, 17 taxes and 22 cesses have been cancelled,” he said. “India has a logistic cost of 18 per cent, while China has a logistic cost of 8 to 10 per cent and that is a reason, why we are not that competitive in the export market,” he said. “Export and manufacturing will get a big boost by GST. Maharashtra’s revenue will increase by 25 per cent and illegal trading will come to a standstill,” he added. The nationwide GST was rolled out from July 1. Thomas Hickey Jersey
IGL To Lay City Gas Distribution Network In A Part Of District Gurugram
Indraprastha Gas Limited (IGL), The supplier of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Delhi, Noida and Greater Noida said in Wednesday that it has received permission from the state government of Haryana to lay City Gas Distribution (CGD) network in a part of Distt. Gurugram. IGL is the entity authorized by Ministry of Petroleum & Natural Gas, Govt. of India for Gurugram since 2004 and had been pursuing with the state government of Haryana for the permission to lay, build and operate CGD network in Gurugram. As per letter issued by Director of Industries & Commerce, Govt. of Haryana on 13th July 2017, IGL has been permitted to lay city gas distribution network in Gurugram in the area lying between west side of Sohna Road and National Highway – 8 of Gurugram. The state government of Haryana has also decided to allocate 10 nos. of plot sites for setting up CNG stations for which IGL has been asked to identify the areas and approach HUDA/HSIDC for allotment of sites as per policy of the government. IGL has already been authorized to set up CGD network in adjoining district of Rewari also, where the project work is in progress and trail run of CNG sales has already started. Commenting on the development, E. S. Ranganathan, Managing Director, IGL said, “We are thankful to the state government of Haryana for having granted permission to us for laying pipeline network in a part of district Gurugram”. Highlighting the preparedness of IGL to meet the desired targets of setting up 10 CNG stations and providing 10,000 PNG connections, he assured that the entire IGL team is already in action to make sure that that the targets are achieved. “IGL is in the process of drawing up an investment plan amounting to capital expenditure of Rs 75 cr to Rs 100 cr in a year in this area”, he added. IGL is already the largest CNG distribution company in the country having set up 425 CNG stations in less than two decades. The company has a track record of having successfully rolled out CGD projects in Delhi, Noida, Greater Noida and Ghaziabad. In the city of Rewari in Haryana, where the CGD project work is in progress, IGL has already achieved the project milestones for the first year within ten months of start of project work. Company Profile The role of IGL in checking the vehicular pollution in the National Capital Region is well acknowledged both at national as well as international forums. IGL has well laid out its city gas distribution infrastructure in Delhi, Noida, Greater Noida and Ghaziabad which consists of over 10000 Kms of pipeline network. IGL is meeting fuel requirements of over 9.5 lakh vehicles running on CNG in NCR through a network of 425 CNG stations. IGL is supplying PNG to nearly 7.5 lakh households in Delhi and NCR towns. Patrick Chung Womens Jersey
Jet Airways asks junior pilots to furnish Rs 1 crore bonds
Jet Airways has asked junior pilots to furnish surety bonds worth up to Rs 1 crore and serve the airline for at least five to seven years, union sources said. The development comes at a time when many of its junior pilots have been asked to take 10 days off every month, a move that would result in up to 30 per cent pay cut, as part of cost saving measures. Sources at the National Aviators Guild (NAG), the pilots’ union of Jet Airways, said the bond requirement has been communicated to the junior pilots. These pilots have been asked to furnish surety bonds worth Rs 1 crore and the development also comes as the airline has “unilaterally” decided on salary cuts for them, sources told PTI. “No new bonds (have been) asked for. It is just a pattern that has been introduced,” a Jet Airways spokesperson said. He was responding to a query whether the airline has asked its trainee pilots to sign a bond amount of up to Rs 1 crore. The spokesperson was also asked the junior pilots have to serve the airline for 5-7 years and face encashment of the bond in case of failure to serve that tenure. Taven Bryan Womens Jersey
CCEA approves government stake sale of HPCL to ONGC: Oil Minister Dharmendra Pradhan in Lok Sabha
The Cabinet Committee on Economic Affairs (CCEA) has given in-principle approval for the sale of the government’s 51.11 per cent stake along with the management control of HPCL to the ONGC, Oil Minister Dharmendra Pradhan said today. Hindustan Petroleum Corporation Ltd (HPCL) will continue as a public sector undertaking after Oil and Natural Gas Corporation Ltd (ONGC) acquires its stake, the minister said in the Lok Sabha. “The proposed acquisition in the oil sector will create a vertically integrated public sector oil major company having presence across the entire value chain. “This will give ONGC an enhanced capacity to bear higher risks, take higher investment decisions and to neutralise impact of global crude oil price volatility,” Pradhan said. The minister was making a statement in the House regarding the sale of the government’s existing stake of total paid up equity shareholding in HPCL to ONGC. Marcus Gilbert Jersey
Mopa deal favours GMR more than Goans: NGO
A group of social activists, who are fighting against the construction of a new airport at Mopa, has alleged that the government has signed a one-sided agreement with GMR Airports Ltd which benefits the company even if the project is terminated, leaving the people of Goa to pay for it. Goans for Dabolim Only (GFDO) claimed the Mopa airport is an unviable project that goes against the interests of the people of Goa. “The government is flouting its own concessionaire agreement to breathe life into this unviable project,” it stated. The state government has agreed to give 381 acres of land to the concessionaire, of which 240 acres is for unrestricted development, the group said, pointing out that without a timeline for developing the 381 acres, the land will not benefit the Goans, only allowing GMR to hold on to the land resources by keeping them vacant until the land prices escalate. Russell Wilson Authentic Jersey
‘Salary cut lesser evil than layoffs in aviation space’
Slashing salaries is a “lesser evil” than pink slips in the domestic aviation sector, feel HR experts against the backdrop of a leading airline asking junior pilots to take ten days off every month as part of cost balancing effort. While the domestic aviation sector has been registering double-digit growth continuously for over two years, Jet Airways’ move to reduce junior pilots’ pay and disinvestment proposal of Air India have thrown the spot light on the prevailing tough business conditions amid stiff competition. The sector might be one of the fastest growing in the world but most airlines have wafer-thin margins as deeply discounted fares and rise in aviation fuel prices along with staff costs take a toll on their overall profitability. Against the backdrop of Jet Airways’ decision, HR experts opined that the move seems to be a case of “organisational stress” even though cost optimisation is a major concern for most of the sectors. Staffing firm TeamLease Services co-founder and executive vice president Rituparna Chakraborty said it is a specific situation of “organisational stress”. Su’a Cravens Womens Jersey
HPCL May Buy 2 ONGC Units Before Merger
Hindustan Petroleum Corp (HPCL) may acquire two subsidiaries of Oil and Natural Gas Corp (ONGC) before the explorer takes over the refiner, a senior government official said. The two ONGC units are Mangalore Refinery and Petrochemicals (MRPL) and ONGC Petro Additions (OPaL). Such a move would consolidate all of ONGC’s downstream operations in HPCL, leaving it free to focus on exploration and production. HPCL will look after refining and marketing, according to this line of reasoning. HPCL already has a 16.96% stake in MRPL, in which ONGC holds 71.63%. ONGC has a 49.36% stake in OPaL with GAIL holding 49.21%. The government has already begun the process of appointing transaction advisors for the ONGC-HPCL deal and will seek an independent valuation of its stake in the refiner. The government currently holds a 51.1 % stake in HPCL. Earlier this week, the Cabinet Committee on Economic Affairs (CCEA) accorded “in principle approval” for the strategic sale of its stake, “along with transfer of management control” to ONGC. HPCL will become a subsidiary of ONGC once this deal takes place. Department of investment and public asset management (DIPAM) secretary Neeraj Gupta said any proposal related to HPCL taking over the ONGC units has to come from the companies. Mergers and acquisitions are driven by economic considerations and fiscal prudence, he said. “Government by announcement in the budget has explicitly supported such merger and acquisition which improvise economies of scale, value addition, vertical and horizontal integration, and value of investment in the company,” he said. The government will support any move that strengthens staterun companies and creates value for investors. The government’s ONGCHPCL strategy is aimed at creating the first fully integrated oil company in India with exposure to upstream (exploration, production), midstream (refining) and downstream (retail) segments alongside petrochemicals, said the official cited above. “The HPCL distribution network is underutilised. They are buying oil from outside and by acquiring MRPL they will be augmenting their refining capacity. This mega merger will ensure value addition to the whole chain,” the official said. DIPAM secretary Gupta said: “We will do all due diligence and appoint transaction advisors and valuation advisors to independently evaluate the value of the holding through the established process for such divestment.” Market capitalisation is one of the factors that will be taken into consideration, he said, adding, “interest of all stakeholders shall be protected.” An alternative mechanism under finance minister Arun Jaitley has been set up to fast track the process.
India launches first R&D facility for high-end fuels, gas
India has launched its first petroleum Research & Development (R&D) facility for testing high-end BS-VI quality fuel emissions, according to an official here. Operated by state-run Indian Oil Corp, the R&D facility is designed to test all types of fuel including petrol, diesel, ethanol-blended petrol, bio-diesel, CNG, LNG, hydrogen-CNG and 2G-ethanol blends to ensure they meet the superior BS-VI norms that are to be implemented across the country by April 2020, a Petroleum Ministry statement said. This “first-of-its kind” facility was inaugurated by Petroleum Minister Dharmendra Pradhan in Faridabad in the National Capital Region (NCR) on Saturday. “In addition to generating emission data, the facility will also evaluate the fuel blends for energy-efficiency and engine durability,” it said. “In addition to generating emission data, the facility will also evaluate the fuel blends for energy-efficiency and engine durability,” it said. On the occasion, Pradhan complimented the IOC scientists for developing a “nano-additised battery for use in e-rickshaws, with better efficiency and longer life than commercially available batteries.” “The minister also lauded the efforts of Indian Oil R&D in commercialising Indane Nanocut — the industrial version. David Johnson Authentic Jersey
Centre to notify guidelines for renewable power procurement: Haryana govt
The Union Ministry of New and Renewable Energy has clarified that a guideline for procurement of renewable power through competitive bidding would be notified shortly by the Centre, the Haryana government said today. Till then, projects may be set up under existing provisions of the Electricity Act, 2003 under section 62 wherein the State Regulatory Commission is to be approached for fixation of tariff, a Haryana government statement said here. The release, quoting a spokesman of Haryana Renewable Energy Development Agency (HAREDA), said that after the notification, any project developer may set up a project for generation of renewable energy as per the bidding guideline if it qualifies for the same. “In the National Tariff Policy 2016 purchase of power by the states from renewable energy sources has been contemplated through competitive bidding. “This created confusion among the Independent Power Producers (IPPs) as on the site identified by them no one else could bid. Therefore, HAREDA sought clarification from the Ministry of New and Renewable Energy in this regard,” the release said. It added that in the renewable energy policy of the Haryana government, there is a provision for setting up of renewable power projects by independent power producers on the site identified by them. For this, they have to submit their proposal along with detailed project report (DPR) to HAREDA. After approval of the DPR, they have to file a petition before the Haryana Electricity Regulatory Commission (HERC) for fixation of tariff for their projects for sale of power to the state grid. Cody Eakin Womens Jersey