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Business Briefs

Aviation policy set to take off

New Delhi, July 16: Aviation minister Rajiv Pratap Rudy today set up a five-member committee headed by former Cabinet secretary Naresh Chandra to formulate a new national civil aviation policy. Besides Chandra, the committee would comprise HDFC chairman Deepak Parekh, advisor in Planning Commission Pronab Sen, civil aviation secretary K Roy Paul and finance advisor to the ministry V Subramaniam, official sources said.

Jessop selloff

Calcutta, July 16: Supreme Court today refused to grant stay on sale of Jessop & Co to Ruia Cotex Ltd. While fixing July 28 for hearing whether the special leave petition filed by the Jessop Staff Association and others opposing disinvestment of Jessop will be admitted or dismissed, the chief justicesí bench of Supreme Court observed that there was no need to grant stay on sale of Jessop to Ruia Cotex at this stage.

CERC move

New Delhi, July 16: The Central Electricity Regulatory Commission (CERC) today agreed to support a call by private power producers to rework the stiff norms prescribed by mega power policy aimed at encouraging large scale projects through duty concessions.

Hughes net up

New Delhi, July 16: Hughes Software Systems Ltd today posted a 245 per cent jump in its net profit for the quarter ended June 30, this year at Rs 15.2 crore compared with Rs 4.4 crore in the corresponding previous quarter.

Ford launch

Chennai, July 16: Ford India today launched Ford Ikon NXT SXI, another variant of its midsize Ikon brand of passenger car, with more stylish features and enhanced value proposition.

Citigroup plan

New York, July 16: Citigroup said that it would buy the credit card business of Sears, Roebuck & Co for $ 3 billion. The deal is likely to close before the end of this year.

Tax assistance

New Delhi, July 16: Call centres to deal with queries related to customs, excise and service tax have been proposed by tax authorities among other trade facilitation measures to ensure higher revenue collection.


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