No revision of foreign route flying policy: Patel

No revision of foreign route flying policy: Patel

New Delhi: Civil aviation minister Praful Patel said there will be no new “formula" in civil aviation policy to supersede the five-year mandatory flying experience rule for domestic airlines before they can fly international routes.

Kingfisher Airlines (together with the budget airline Air Deccan) has been lobbying hard to get the rules relaxed, while Jet Airways (including subsidiary JetLite) and Air India, the only two carriers flying aboard currently, are against any such move because they too had to comply with the rules. A group of ministers (GoM) will be reviewing the civil aviation policy in their second meeting on 1 November after the first meeting in August remained inconclusive. A second meeting of the GoM set for 20 September had to be postponed because finance minister P. Chidambaram, who is one of the 12 ministers reviewing the policy, was unavailable. Tarun Shukla

HC quashes order on MP Birla group

Kolkata: The Calcutta high court on Thursday quashed a May 2006 trial court order appointing administrators to oversee the assets and properties of the Rs5,000 crore M.P. Birla Group. The appointment of the administrators had curbed the executive powers of R.S. Lodha, chairman of the group’s flagship company Birla Corp.Sanchita Das

Reliance gets approval letter for gas price

New Delhi: Nearly a month after a panel of ministers approved price of gas to be produced from Reliance Industries Ltd’s KG-D6 fields, the government on Thursday issued formal approval letter to the Mukesh Ambani firm. “The letter approving a price of $4.20 (Rs165.06) per million British thermal unit (mBtu) for first five years of production from KG-D6 was issued by the petroleum ministry today," a source said. PTI

Tata Motors, Fiat ink JV to make passenger cars

Mumbai:Tata Motors Ltd and Italy’s Fiat Automobiles SpA have formed a joint venture to manufacture passenger cars, engines and transmissions for the Indian and overseas markets at Fiat’s Ranjangaon plant in Maharashtra. The two companies had signed a memorandum of understanding to this effect in July 2006. Ravi Kant, managing director of Tata Motors, will be chairman of the JV. Ammar Master

Reva becomes first car to be sold on Internet

Kolkata: India’s first electric car, Reva, became the first to be sold on the Internet on Thursday, when it was chosen by, to launch its auto e-retailing venture. is the auto division of India’s largest e-commerce company, Mjunction Services Ltd, a Tata Steel-SAIL JV. Rajdeep Datta Roy