Trouble brews at Kingfisher

New Delhi, Aug. 8: Certain aircraft lessors and bankers to ailing Kingfisher Airlines have invoked corporate guarantees given by Vijay Mallya-led United Breweries (Holdings) and negotiations are on over the issue. As on June 30 this year, the total corporate guarantees to banks and aircraft lessors stood at Rs 8,919.86 crore, according to UB Holdings’ auditor Vishnu Ram & Co.

Essar project

Calcutta, Aug. 8: The Rs 3,000-crore investment for full-fledged coal-bed methane production from the Ranigunj block by Essar needs more land, Essar Oil project director Shashank Shekher said.

Unitech plea

New Delhi, Aug. 8: The Company Law Board has reserved its order on Unitech plea seeking a stay on the auction of its joint venture firm Uninor. The bench reserved its order after hearing the submissions of Telenor, the majority shareholder in the JV.

Tata Steel

New Delhi, Aug. 8: Moody’s today downgraded the rating of Tata Steel UK Holdings Ltd by a notch to B3, stating the operating environment of the European steel industry will weaken further.