Jet Airways’ lenders hope bidding process can save airline

Jet Airways, once India’s largest airline, announced on Wednesday that it is suspending all operations after failing to raise enough money to run its services. (AP)
Updated 18 April 2019
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Jet Airways’ lenders hope bidding process can save airline

  • Shares in the Mumbai-based airline, once the largest private airline in India, were down 26.9% in intraday trading on the Bombay Stock Exchange
  • Travel agents in New Delhi said the suspension of operations was affecting prices and availability in and outside of India

NEW DELHI: Creditors of India’s beleaguered Jet Airways say they are “reasonably hopeful” that a bidding process with potential investors for a controlling stake in the airline will save the company.
The consortium of 26 lenders led by State Bank of India released the statement Thursday following cash-starved Jet Airways’ decision late Wednesday to suspend flight operations.
Shares in the Mumbai-based airline, once the largest private airline in India, were down 26.9% in intraday trading on the Bombay Stock Exchange.
Travel agents in New Delhi said the suspension of operations was affecting prices and availability in and outside of India.
Sadhana Tours India agents say they are struggling to find seats on direct flights for customers traveling domestically and internationally, and that prices Thursday were twice as high as a week ago.


MODON to establish integrated pharmaceutical complex

Updated 23 May 2019
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MODON to establish integrated pharmaceutical complex

JEDDAH: The Saudi Authority for Industrial Cities and Technology Zones (MODON) has signed an industrial land lease covering more than 62 thousand square meters in the city of Madinah, to build a pharmaceutical complex including research and development centers, with a total investment reaching SR 570 million.

MODON’s Director General Khalid bin Mohammed Al-Salem said that the signing of the contract was the result of joint work with the National Program for the Development of Industrial Compounds. MODON provided various facilities and incentives to support the investment, with the project set to provide nearly 1000 jobs for both genders with a localization rate exceeding 50 percent.

He added that the project is in line with the goals of the National Industrial and Logistics Development Program (NIDLP) to localize the most advanced industries in the world, in accordance with Saudi Vision 2030 for economic diversification.

Since its inception in 2001, MODON has been developing integrated industrial lands in accordance with the highest international standards. It currently oversees 35 industrial cities under development in various regions of the Kingdom, in addition to supervising private industrial parks and cities. The developed industrial lands exceeded until today 198.8 million square meters, while the existing industrial cities include 3,474 productive factories.