Cos like HAL, NALCO, PFC will get navratna status

Hindustan Aeronautics Ltd, National Aluminium Co and Power Finance Corp are among the seven public sector firms that would be given the navratna status soon, Minister for Heavy Industries Santosh Mohan Dev said on Friday.

An apex committee had recommended granting of navratna status to HAL, NALCO, PFC, Bharat Electronics Ltd, National Mineral Development Corporation, Power Grid Corporation of India and Rural Electrification Corporation Ltd, he said.

He said these would be granted the status as soon as they induct independent directors on their board.

With these, the number of navratna CPSUs under the Heavy Industry ministry would increase from nine to 16. Oil and Natural Gas Corp, NTPC Ltd, BHEL and Indian Oil are among the nine existing navratna companies.

Read more in The Economic Times article

EADS in tie-up talks with Jupiter Aviation

EADS, the ¤34.2 billion aerospace and defence major, is negotiating with former BPL chief Rajeev Chandrasekhar promoted Jupiter Aviation to set up a freighter conversion facility, that will convert passenger aircraft into cargo planes.The estimated investment for the facility, which will undertake domestic and international projects, would be $100 million.

State-run aerospace major Hindustan Aeronautics (HAL) is also firming up plans for full fledged conversion centre for Boeing aircraft as part of its maintenance, repair and overhaul (MRO) centre.

The plant would be developed on the lines of the Germany-based airplane converting firm EFW, a wholly owned subsidiary of EADS, which is the parent of Airbus Industrie.Sources said the details such as final investment, location, equity structure and business plan are yet to be finalised. Jupiter Aviation & Logistics CEO and managing director S Ravi Narayanan declined to comment adding “it is too premature to comment on this matter.”

Read more in The Business Standard article.