“This acquisition will help strengthen Yatra’s foothold in the southern India region along with adding over 100 corporate clients to its existing client base of over 700,” said a statement from Yatra.
The two deals will add Rs 120 crore to Allcargo’s annual revenue, adding that Allcargo’s total investment to make warehouses in the space will be about Rs 1,000 crore.
Aviation Minister Suresh Prabhu said the government will shortly announce an air cargo policy to help better transportation of perishables.
Prabhu who is also commerce minister said Asia’s third biggest economy is targetting to receive an overall foreign direct investment of $100 billion in the next two years.
Jet may propose fresh repayment schedule; its brass will meet lessors, other suppliers early next week.
It didn't elaborate. Senior executives at GMR couldn't be reached.
For the first 90 days, the lenders would discuss with Jet and monitor the loans checking whether it becomes a non performing asset (in other words if the credit has soured).
The full service carrier has been grappling with financial woes for quite some time now and has been making delayed salary payments to staff.
The troubled airline has made this proposal even as it undergoes a forensic investigation.
The airline, grappling with arguably the worst financial crisis of its 25 year existence, has laid off staff, grounded planes and pruned unviable flights in a bid to stay afloat until the next cash infusion.
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