“When there is a change in administration and you’ve a big project going on, it is important to have a courtesy call. Uddhav Thackeray and the various coalition people that he has around them need to meet people who are doing big projects or those wanting to do big projects in their state,” said Branson, the founder of the diversified conglomerate Virgin Group.
JM Financial and Axis Bank will manage the issue, said one of the people cited above.
On December 5, Allcargo bought 10.38 million, or 8.51%, shares in Gati for Rs 77.8 crore.
The company, promoted by Boris Zha, a Singaporean national, raised the funds from Korea Investment Partners (KIP), SamsungVenture Investment Corporation (SVIC), UOB Venture, 10 Fund, CVCapital, Zero2IPO Ventures and M&S Partners among others.
The Park Hotels currently runs 25 properties, including 12 under a sub-brand called Zone by The Park.
Gati’s promoters owned 17.78 per cent in the company as of September end.
Flights to US, Europe this holiday season may cost three times more on Jet’s exit. The India-London sector could see new flights, with Vistara and IndiGo possibly starting them next year, but other routes will have to wait. A Delhi-Paris ticket is priced at Rs 1,14,642 against Rs 40,020 in December last year, according to travel aggregator ixigo.
IndiGo on Wednesday announced it has become a member of the global lobbying body the International Air Transport Association, which is a group of more than 290 member airlines.
Airline’s founder Rahul Bhatia and his IGE Group filed a petition in Maryland District Court against IndiGo’s independent director Anupam Khanna, accusing him of acting in concert with co-founder Gangwal, who Bhatia has legally accused of breaching the shareholders' agreement on IndiGo. Bhatia filed the case on the alleged breach of shareholders’ agreement.
India’s second-quarter GDP data is to be released on November 29. In the recent past, auto sales, consumption, real estate sales and bank credit data have pointed to a demand slowdown. India’s industrial production shrank for the second consecutive month in September, its worst performance in the series that began in April 2012.
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