In Brief | MDLR, Jagson may get scheduled permit

In Brief | MDLR, Jagson may get scheduled permit

Mumbai/New Delhi: Air-taxi operators MDLR Airlines Pvt. Ltd and Jagson Airlines Ltd are likely to launch scheduled services in the northern region soon. The civil aviation ministry plans to give permits to the two carriers. Earlier this month, the ministry had given permit to Chennai-based Star Aviation Pvt. Ltd for operations in the southern region. “We are considering (giving) permits to airlines such as MDLR and Jagson Airlines for their regional operations. We have already given permission to Star Aviation. There will be more airlines coming into the scene," said civil aviation minister Praful Patel.

- Staff Writer

Kinetic Engineering to raise Rs100 crore

Mumbai:Engine components maker, Kinetic Engineering Ltd (KEL), has finalized investments of Rs100 crore to fund its expansion plans. The company plans to raise Rs30 crore through convertible preference shares, or preference shares that can be converted into equity, to American Investment Group. This part of the investment would be used to fulfil working capital needs and other requirements. The remaining Rs70 crore would be through foreign currency convertible bonds, which are issued to foreign investors and can be converted in to equity later.

- Ammar Master

DQ raises $56million via AIM listing

Hyderabad: Animation company DQ Entertainment Ltd has raised $56 million (Rs222 crore) through its listing on the Alternative Investment Market (AIM) of London Stock Exchange (LSE).

DQ, which has seven technologically advanced production facilities in Hyderabad, contracted production facility in Manila, and sales network in Paris, Los Angels and Tokyo, has announced that it would use part of the issue proceeds for acquisitions and joint ventures in Europe.

In a statement, the company said it would primarily use the funds for expansion of its production facilities in India and sales and distribution network worldwide.

The company, which has more than 2,800 employees, has a current co-production and service order book of close to $94.6 million.

- C.R. Sukumar