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Ferrovial offloads its 5.9% of equity in BAA for $441 million
Spanish infrastructure company, Ferrovial has sold its 5.9% stakes in BAA to an investment fund Alinda Capital Partners for $441 million. As a result its equity in BAA will get reduces to 49.99%. The remaining shareholders are Britannia Airport Partners LP (26.48%) and GIC (17.65%). Chris Beale, Managing Partner of Alinda, will join the board of FGP Topco Ltd and the board of BAA Ltd. The sale is unconditional and closing is expected to take place by the end of October.

Íñigo Meirás, Chief Executive Officer of Ferrovial, said: “This sale is in line with our strategy to establish a market va

Oil companies raise jet fuel prices by 1.5 percent
The jet fuel prices have been hiked for the second time this month. The aviation turbine fuel (ATF) price at Delhi's T3 airport was hiked by Rs 899 per kilolitre (kl), or 1.5 per cent, to Rs 58,578 per kl.

The companies have said that the price increase is result of falling rupee making oil imports costlier.

ATF in Mumbai will cost Rs 907 per kl more at Rs 59,359 per kl from tomorrow as against the old price of Rs 58,452.31 per kl.

Jet fuel makes up for 40 per cent of an airlines' operating cost and no immediate comments were available from airlines on the impact of the price hike on

Mahindra launches sports utility vehicle new XUV500, plan to sell it in overseas markets
Mahindra & Mahindra Ltd. (M&M), a part of the US $12.5 billion Mahindra Group, today unveiled the its sports utility vehicle XUV500 at Pune in Maharashtra. Designed and developed in-house by Mahindra, the XUV500 is Mahindra’s first global SUV platform, with significant inputs in styling and development from customers across the globe.

It uses 140bhp engine with 330Nm torque and a 6-speed transmission, 5th generation variable geometry turbocharge. The vehicle boats of all wheel drive with interactive torque management; 6” touch screen Infotainment System with GPS, DVD, CD, MP3, FM, USB, iPod

Boeing completes first test flight of P-8I aircraft for the Indian Navy
Boeing first P-8I aircraft for the Indian Navy was tested for airborne systems checks including engine accelerations and decelerations and autopilot flight modes at Renton Field in Seattle.
The aircraft was taken to a maximum altitude of 41,000 feet prior to landing. In the coming weeks Boeing will begin mission systems installation and checkout work on the aircraft at a company facility near Boeing Field. "The P-8I program is progressing well and we are looking forward to this potent platform joining the Indian Navy as part of its fleet," said Rear Adm. DM Sudan, assistant chief of Naval Sta

Rane Group acquire stakes in defence and aerospace parts company SasMos HET Technologies
Channai headquartered auto components manufacturer, Rane Group has acquired 26 per cent in SasMos HET Technologies Pvt Ltd for an undisclosed sum. SasMos Het was founded by by HG Chandrashekhar. The company manufactures cable assemblies, wiring harness, panel boxes, and electro-mechanical assemblies used in the aerospace and defence industry. "Today is a momentous step forward as Rane ventures into this new area. We feel there are significant growth opportunities both in India and as an exporter. This entry also opens a new knowledge base for Rane in electronics, which will have a synergy with

Kingfisher to exist low cost airlines segment
Vijay Mallya,chairman, said that aviation demand remained strong and Kingfisher was still the single largest airline in India with a market share of approximately 20%. He was addressing shareholder annual general meeting. He said that, “During the most recent quarter ended June 2011, Kingfisher delivered a better financial performance than other listed Indian carriers. On domestic operations, Kingfisher reported an EBITDAR (Earnings before Interest, Depreciation, Amortization, and Rentals) margin of 15.4% which compares favourably with 6.4% and 7.2% reported by others.”

He announced exiting