The Hindu Business Line : Jindal Steel planning aviation foray

The Naveen Jindal-led company’s board of directors on Saturday decided to alter the ‘Other Object’ clause of the company’s Memorandum of Association by inserting a paragraph related to the running of the aviation business, a notice from the company to BSE said.

Steel plants

The company is currently working on two six-million tonne steel plants in Orissa and Jharkhand respectively. Jindal Power, a 100 per cent subsidiary, is pursuing a 1,000-MW thermal power plant in Chhattisgarh.

The group has also set up a 750-acre industrial-estate in Chhattisgarh and carries out reconnaissance and survey for diamonds in central India and some overseas countries.

The company reported net profit of Rs 706 crore last fiscal on net total income of Rs 3,548 crore.

Air travel growth

Indian private airlines are trying to cash in on the country’s growing appetite for air travel.

During April-May 2006-07, Indian airports saw 19.3 million domestic and international passengers, 27.2 per cent higher over the same period a year ago at 15.17 million passengers, according to Airports Authority of India.

Domestic passenger growth during the period was higher, at over 30 per cent, while international passenger growth was 17 per cent.

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