Business & Economy

Airbus, Boeing court Air India 

What is India News Service, Tuesday, 8 February 2005, 1800 hrs IST

US aircraft maker Boeing Corp has bid to sell 50 medium and long range aircraft to Air-India (A-I) and hopes to bag one of the big orders valued between $ 6 billion to $ 7 billion, a top Boeing official said here. 

\93It (the bid) was done in December. All three aircraft are in the running for A-I and we feel that there are compelling advantages that will hopefully result in a sale here,\94 Boeing Vice-President Dinesh A. Keskar told reporters here today on the sidelines of the Aero India 2005 international seminar.

The 50 aircraft deal includes 35 firm sales and option to buy 15 more by A-I, he said.

Boeing has offered 20 of 220 to 250 seater 787 aircraft, five 380 seater 777-300 ER and five 250 seater 777-200R for the firm sales, while the options are seven 787\92s, three 777-300 ER and three 777-200 LR, Keskar said.

\93The order value is significantly high somewhere between $ 6 billion and $ 7 billion, when you include both the firm and option sales,\94 he said.

Boeing has not made headway in the Indian market losing out to rival Airbus for the Indian Airlines, Air Deccan and Kingfisher airline orders, but has a strong supporter in Jet and Sahara airways.

Economy to grow at 6.9 p.c. in 2004-05: A sharp dip anticipated in the growth rate of agricultural production is likely to bring down the overall economic growth, as measured by the gross domestic product (GDP), to 6.9 per cent during the current fiscal. 

Textile industry awaits sops in Budget: The textile industry, which is poised for a high growth after the end of quota regime on January 1 this year, is awaiting major concessions in the coming Budget. Finance Minister P. Chidambaram, has already assured the industry to bring down customs duty on the man-made fibre besides taking other measures to give a big push to the textile sector. 

RBI, RoCS pass buck in co-operative bank fiasco: Both the Reserve Bank of India and the Registrar of Co-operative Societies have lobbed the failed South Indian Cooperative Bank hot potato to each other\92s court after the Bombay High Court sought clarity on how the bank collapsed. 

India, Finland to step up bilateral trade: India and Finland propose to step up the level of bilateral trade, which is now considered far below the potential, despite having risen by 41 per cent to $380 million in 2003-04. 

Merger of cooperative banks on anvil:
With the Reserve Bank of India issuing guidelines for mergers and acquisitions in the cooperative banking sector, many banks, especially scheduled urban cooperative banks (UCBs), are showing keen interest in taking over sick co-op banks. 

HDFC Bank, NAFED join hands: The National Agricultural Cooperative Marketing Federation (NAFED) and HDFC Bank have entered into an agreement to provide finance to farmers and cooperatives associated with the agri-marketing federation. 

Child\92s play becomes serious TV business: A decade ago, children had only the staple Mickey Mouse or Tom and Jerry to watch on state broadcaster Doordarshan. Today, parents who grew up on even less \97 Spiderman every Wednesday, on DD again \97 have to tackle seven kids\92 channels that dot the airwaves.

Panchkula firm inks pact with Austrian co: A Panchkula-based certification company, ICL Certifications Limited (ICLCL), has joined hands with CIS-CERT GmbH of Austria to launch the services related to information security for the Indian market. 

ONGC arm may get more financial powers: The government is likely to empower ONGC Videsh Ltd, the foreign arm of state-run Oil and Natural Gas Corp, to make investments of up to Rs 300 crore in oil and gas properties abroad without going to the Cabinet for approval. 

Speed up divestment, India Inc tells Centre: Experts have suggested selling off loss-making and non-merit good PSEs and channelising the proceeds to improve infrastructure and technology in the existing public sector enterprises.

Pharma body seeks PM's intervention on MRP issue: The All-India Small Scale Pharmaceutical Manufacturers' Association has claimed that Ms Sonia Gandhi, convener, United Progressive Alliance (UPA), has promised them to support their demand to review MRP-based excise duty regime. 

Left protests against telecom FDI hike: Left parties today held demonstrations across the country protesting the decision of the government hike the FDI limit to 74 per cent in the telecom sector. 

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