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ET – 23Rd Feb 2012 6 Corporate THE ECONOMIC TIMES | MUMBAI | THURSDAY | 23 FEBRUARY 2012 * RIL Moves SAT CRISIS CONTINUES TO TAKE A TOLL ON AIRLINE PE Fund Redclays Over Takeover Code Probe Kingfisher may Lose Some Tailors Deal to ASHWIN MOHAN ET NOW Buy Deccan 360 Reliance Industries (RIL) has challenged of its Prime Slots to Rivals market regulator the Securities and Ex- change Board of India’s (Sebi) probe into After the reduction of flights since No- Cayman Islands’ Package Deal its alleged violation of takeover norms KFA cancelled over 30 vember, eight of Kingfisher’s slots at the over a promoter stake purchase in 2000. second busiest airport in the country, fund has offered to The plea was filed before the Securities more flights on Wednesday; Mumbai International Airport, are al- IF THE DEAL IS FINALISED, IT and Appellate Tribunal (SAT) on ready taken over by IndiGo (two flights), buy Deccan 360 will mean that Gopinath and Wednesday, two people close to the develop- Jet Airways (three), Air India (two) and Airline now left with Mukesh Ambani-controlled ment said. SpiceJet (one). for between “The Sebi internal order of 2010 appoint- only 28 aircraft Kingfisher has already pulled flights out RIL, the main shareholders, ing an adjudicating officer to probe the from several cities like Kolkata — since, $2 m and $5 m will have to cede ownership matter and the subsequent show-cause no- partially reinstated them — besides re- tice issued by the adjudicating officer, have MANISHA SINGHAL ducing the number of flights from other ci- GIVEN RELIANCE’S MUMBAI BISWARUP GOOPTU been challenged in the RIL plea filed in Ja- ties as well as from international routes. priorities and Deccan 360’s nuary. The plea argues that both the order ingfisher Airlines may lose some of BANGALORE Aviation experts say that vacant slots performance, there is a good and show-cause notice were not issued its prime slots in the country’s major will only help rival airlines, especially at A Cayman Islands-domiciled pri- within a reasonable time-frame,” said one K airports to rivals as a severe finan- crowded airports like Mumbai or at air- vate equity fund has offered a chance that Mukesh Ambani of the two individuals cited above. cial crunch forces it to cut flights further ports like Goa and Pune where there are package deal which could result will be willing to write off his The show-cause notice had said that RIL weakening its competitive position. The restrictions by the armed forces on the in it acquiring Deccan 360, the ail- investment, sources say had violated rules regulating the manner airline is now left with only 28 aircraft and number of flights that can operate. ing air cargo operator founded by in which promoters can raise their stake in the company submitted a revised schedule “Kingfisher would try and protect its pre- low-cost aviation pioneer GR FUNDRAISING WILL BE Indian companies. The notice had ques- comprising 170 flights against the 400 that cious slots at airports like Mumbai and Gopinath, a person directly in- completed by June and mon- tioned the manner in which 12 crore it was originally supposed to operate. The Delhi as it cannot afford to cancel them. volved in the negotiations said. shares were allotted in 2000 to 38 promoter- surplus slots across the country will then The airline might, however, give up slots in Redclays Capital has offered to ey will be used for expansion related entities, another person added. go to rivals. The airlines cancelled more smaller cities or excess ports where they help raise $50 million (`. 250 crore) RIL officials were immediately unavaila- than 30 flights again on Wednesday. will still find them vacant once they stabil- for Gopinath’s aviation services ble for an official comment to ET NOW’s “They need to come up with a new sched- ise and want to resume,” said Kapil Kaul, company Deccan Charters and in India has been slow compared queries. The case is likely to come up for ule, otherwise their [flying] slots will be CEO, South Asia, Centre for Asia Pacific buy Deccan 360 for between $2 to neighbouring China. Accord- hearing towards the end of March. cancelled and given to other airlines,” Brit- Aviation, an aviation consultancy and ad- million and $5 million, the person ing to industry estimates, vol- ish newspaper Financial Times reported visory firm. said, requesting anonymity. umes in India are not expected to on Tuesday, quoting EK Bharat Bhushan, Also, it is important that the airlines If the transaction is finalised, it cross 2.6 million tonne, a number director general of civil aviation chief. that pitch in to fill Kingfisher’s slots must will mean that Gopinath and Mu- handled by Hong Kong and In a Nutshell Industry experts say that it will be diffi- have the requisite number of planes kesh Ambani-controlled Re- Shanghai alone. Operators have cult for Kingfisher to hold on to slots when they commence their summer liance Industries, the main share- also suffered from the lack of crit- even if it submits a revised schedule as schedule and also for the rest of the win- holders in the moribund freight ical infrastructure in the coun- technically to do that — a privilege re- ter schedule. The Indian aviation market and logistics company, will have try, such as warehouses, a situa- Econet Seeks $3.1 b in ferred to as grandfather rights — an air- currently has a problem of over-capacity to cede ownership in what will es- tion that has often nullified the Damages from Bharti Airtel line needs to fly at least 80% of its sched- and there is a supply-demand mismatch sentially be a fire sale. advantages of air cargo shipping. ule for the entire year, which is not the where, according to Kaul, 25% seats are Reliance, which paid about `. 110 Gopinath, who LAGOS Econet Wireless is seeking at least $3.1 case with Kingfisher. still going vacant. crore in April 2010 for a 26% stake founded low-cost billion in damages from Bharti Airtel in a dis- in Deccan 360, declined to com- Redclays carrier Air Dec- pute over ownership of its subsidiary Airtel Ni- ment for this story, as did Red- Capital has can that merged geria, according to a suit filed on Wednesday. clays managing director Srini offered to with Kingfisher Chakwal. Gopinath, too, did not Airlines, also The move follows a Nigerian court ruling on Ja- help raise Lenders yet to Decide on KFA Loans reply to an email and phone calls. `. 250 crore for owns Deccan nuary 30 that Bharti’s ownership of its subsidi- Deccan 360 has been in a limbo Gopinath’s Charters, the ary Airtel Nigeria is “null and void” because co- Plan to impose strict conditions to ensure their funds don’t go down the drain for nearly a year. Three Airbus aviation company for founder and 5% shareholder Econet was not A-310 aircraft leased from Mauriti- services co which Redclays consulted on the transfer. South Africa-based due with the airports author- ability to give additional funds GOVT DENIES BAILOUT us-based Veling have been return- Deccan is raising $50 mil- OUR BUREAU Econet Wireless is disputing Bharti’s own- ity, oil companies for fuel and to on the grounds that the ac- The government has not ap- ed to the lessors; nearly 600 em- Charters lion. The amount MUMBAI income tax department which count is classified as non-per- proved a bailout for the belea- ployees were asked to look for jobs is being raised ership of one of its top Africa operations. Lenders to Kingfisher Airlines has frozen the accounts. forming loan after it failed to guered Kingfisher Airlines and two ATR aircraft have been from a syndicate of wealthy indi- are yet to decide on how much Banks, which have lent pay its dues. and no state-run bank has giv- grounded as the company has not viduals, private placements and Shell makes Agreed Bid to to lend to keep the carrier around `. 7,000 crore to Vijay “Any addition- en it a fresh loan, a finance min- been accepting new orders. “If family trusts. Germany’s Buy Cove Energy for $1.6 b afloat, but will impose strict Mallya-promoted Kingfisher, Bankers are al funding will istry official said on Wednes- Redclays has to pick up a majority Deutsche Bank and Swiss private conditions to ensure that their are still debating on the of the view require the day. “There has been no fresh stake in Deccan 360, Gopinath and bank Julius Baer have confirmed LONDON Royal Dutch Shell has made an agreed funds don’t go down the drain, amount they should lend to sal- that the board approval sanction by any PSU bank till Reliance have to walk away. that they will invest in Deccan £992.4 million ($1.6 billion) bid for Mozam- two bankers familiar with the vage the situation. “Although additional and it will have date. If the consortium decides Given Reliance’s priorities and Charters, the source said. bique-focused Cove Energy, offering a full plans said. the exact amount of fresh loan loans should to be a consor- on fresh lending, it will be their Deccan 360’s performance, there Fundraising will be completed price to open up a new gas frontier for the An- The lending, which will be and new conditions are yet to be given tium-led ap- decision. We are not involved,” is a very good chance that Mukesh by June, with the money used for mostly working capital loans, be decided, bankers are of the proach.
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