New Delhi: The country’s largest private carrier Jet Airways India Ltd has been granted bilateral rights to fly to Dubai. With a huge Indian working population, Dubai is the largest market in West Asia, with 2.5 million passengers per year from India. At present, Jet Airways flies to Muscat, Doha, Abu Dhabi and Bahrain. With this new bilateral agreement, Jet Airways will fly daily services from Dubai to Mumbai and Delhi, with a seat capacity of 1,582 to each destination. Jet’s wholly owned subsidiary JetLite has secured rights to operate daily services on the Hyderabad-Dubai and Nagpur-Dubai routes with 1,050 seats each. As per the regulation, JetLite should start operations to Dubai within this calendar year. Deccan Aviation Ltd has not secured rights to operate in this sector, though it had sought permission. Jet, including JetLite, has a combined fleet strength of 109 aircraft operating more than 526 flights a day, connecting 64 destinations. The Jet Airways share rose 2.59% on the Bombay Stock Exchange to close Thursday at Rs398.10.
UFO Moviez parent buys movie-on-demand firm
New Delhi:Valuable Technologies Pvt. Ltd, a Mumbai-based technology and media company that owns digital cinema network UFO Moviez, has acquired MovieBeam, a movie-on-demand service for an undisclosed amount and is spending $100 million (Rs432 crore) over the next two years in relaunching the service in North America and the UK, and in bringing it to other markets, including India, by the end of this year.
For MovieBeam, this is not the first time it has been relaunched. The Walt Disney Co. first developed the service in 2002 with an investment of $200 million but the business had to be suspended due to internal issues. It was relaunched in 2006 after Disney sought help from software giants Cisco Systems and Intel, and venture firms Mayfield, Norwest Venture Partners and VantagePoint Venture Partners that together invested an additional $50 million. In 2007, however, Movie Gallery Inc., an American home entertainment speciality retailer, bought the service only to be sold to Valuable Technologies a year later. “The service has switched many hands but we are working on a completely new model which includes taking Bollywood and ethnic movie content to the US and bringing international movies to India,” said Ameya Hete, executive director and chief executive, Valuable Group.
The technology enables users to connect the MovieBeam player directly to the TV and choose from over 100 movies in the library on the player’s hard drive. “The set-top box used to cost $200 and each movie costs between $2 and $4, but we are also reworking the costs to make it more viable,” added Hete. Priyanka Mehra
Mumbai court order on duty-free tender stayed
New Delhi: The Supreme Court on Thursday granted Mumbai International Airport Ltd or Mial a stay order on an earlier Bombay high court ruling that asked it to call for a new tender in relation to setting up duty free shops. Last year, Flemingo International, which owns and operates duty-free shops across Asia and Africa, approached the Bombay high court alleging that Mial had wrongly excluded it from it’s duty free tender at the Chhatrapati International Airport.
On 5 June, the Bombay high court asked Mial to call for a fresh tender in eight weeks. Flemingo has also initiated a similar action before the Karnataka high court against the Bangalore International Airport Ltd. A bench headed by Chief Justice K. G Balakrishnan granted a stay on the Bombay court decision till it takes up the matter on 21 July. Malathi Nayak
BPTP sells 3% stake in JPMorgan for Rs250 cr
New Delhi: Faridabad-based real estate developer, Business Park Town Planners Ltd (BPTP) has sold a 3% stake in the company to JP Morgan Chase and Co. for Rs250 crore, according to a statement from the realty firm. This news was first reported by ‘‘The Economic Times’ on Thursday. Last year, Citigroup Inc.’s realty arm CPI also picked up 5.89% equity in the company for Rs322.50 crore. The remaining stake in the company is held by the promoters. Shabana Hussain