The Hindu Business Line : Corporate developments

Jet Airways (India) Ltd and United Airlines have concluded an agreement for Codeshare and Frequent Flyer programme benefits for their customers, which is expected to begin around November 1. Under the agreement, Jet Airways’ customers will be able to travel from London to United’s five hubs — Chicago, Denver, Los Angeles, San Francisco and Washington and vice versa on the Codeshare flights. In addition, from these five hubs, Jet Airways’ customers can fly on Codeshare flights to more than 20 cities across the US. Jet Airways’ Jet Privilege members and United’s Mileage Plus (R) members would also be entitled to accrue and redeem frequent flier miles on most flights.

Jhaveri Flexo India Ltd, which had filed DRHP with the SEBI on November 1, 2007, for further public issue — for financing its expansion plan and diluting the promoters’ holding — has decided to drop the proposed issue due to adverse conditions prevailing in the primary and secondary markets, and low investor confidence in general. The board is weighing various options to fund the expansion and dilute the promoters’ holding.

The Madras Aluminium Co Ltd’s board of directors, at its meeting held on May 16, has approved the sub-division of the equity shares from Rs 10 per share to Rs 2 per share.

Peninsula Land Ltd has informed that the company and Arrow Webtex Ltd have decided to enter jointly the hospitality business. A SPV will be created, which will be held 50-50 by both the joint venture partners to build business class hotels. In the first phase, an equity infusion of about Rs 100 crore is envisaged by both the joint venture partners in equal proportion and the joint venture intends to build 10 hotels of 100 rooms each in cities such as Mumbai, Pune, Nagpur, Nashik, Kolhapur, Ahmedabad, Surat, Jamnagar, Mundra port and the State of Goa. The hotels in the first phase are expected to be operational in the next 30 months and Southern States would be considered in the second phase.

Phoenix Lamps Ltd’s board of directors has approved the formation of a subsidiary company in India with majority shareholding of Phoenix for the manufacture of electronic gears under joint venture with a foreign company and approved a joint venture in Kuwait for marketing/manufacture of CFL lamps and luminaire with majority shareholding of Phoenix.

RPG Cables Ltd has informed that the Board for Industrial and Financial Reconstruction of India has directed State Bank of India, the Operating Agency of the company, to constitute an Asset Sale Committee (ASC) for the sale of a portion of land of the company situated at Majiwade, Thane. The ASC has approved the tender documents for inviting bids from prospective buyers.

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