SBI likely to own 15% stake in cash-strapped Jet Airways

SBI likely to own 15% stake in Jet Airways, Etihad 40%, say reports

Jet Airways creditor State Bank of India is likely to own 15 percent of the airline if the cash-strapped carrier's plan for a debt-for-equity swap is approved, Indian TV channels reported on Tuesday. With debts of about $1.14 billion, Jet has been hit by fierce competition from other low-cost carriers, a weaker rupee and high oil prices. It owes money to banks, pilots, vendors and lessors, some of whom are considering taking back aircraft, sources have told Reuters.

Korean car maker Kia starts trial production in India; SP2 to hit the road by early July

Korean car maker Kia Motors has started the trial production at its first Indian plant in Anantapur, Andhra Pradesh. With an investment of around $1 billion, the manufacturing plant has an annual production capacity of three lakh vehicles. To tap the fastest growing segment in otherwise a muted market, company will start rolling out the first mid-segment SUV, the SP2. The cars are expected to hit the road by early July of this year.

2 non-govt National Statistical Commission members resign over delay in release of NSSO data

Two non-governmental members of the National Statistical Commission (NSC) have resigned as they were reportedly disappointed over the way the government had sidelined them. Though, as per the NSC website, their tenure was supposed to end in 2020, but they resigned from their posts on Monday.And now, the NSC is left with Amitabh Kant, NITI Aayog chief, and Pravin Srivastav, chief statistician, as its members, while there is no non-governmental members in the statistical body.

India improves its global corruption ranking in 2018: Study

India has improved its ranking on a global corruption index in 2018, while its neighbour China lagged far behind, according to the annual index released by an anti-graft watchdog on Tuesday. India rose by three points to 78 in the list of 180 countries in the world, while China ranked 87 and Pakistan 117 in 2018

Reserve Bank to infuse Rs 37,500 crore through OMO in February

The Reserve Bank of India Tuesday said it will inject Rs 37,500 crore into the system through the purchase of government securities in February to increase liquidity. The OMO for the month is indicative and the RBI retains the flexibility to change it, depending on the evolving liquidity and market conditions, it said further.

Jet Airways decides to cancel 15 flights on Wednesday; six Boeing 737 planes on ground

Crisis-ridden Jet Airways has decided to cancel 15 flights on Wednesday following grounding of six Boeing 737 planes due to non-payment of lease rentals, according to sources. The airline, which is grappling with acute financial woes, cancelled around 20 flights on Tuesday as three more Boeing 737 aircraft were grounded

Yes Bank co-promoters agree to nominate one director each on board

Yes Bank promoters Rana Kapoor and Madhu Kapur have agreed to nominate one representative director each on the bank's board as part of truce being under the works, the private lender said Tuesday. The bank in November had said that efforts were underway for mutual resolution and truce between Rana Kapoor group and Madhu Kapur and her family, the two co-promoters groups of the private sector lender. The two new appointed directors will be announced at the next scheduled Board meeting in April 2019.