The Hindu Business Line : ONGC drops plan to lease two business jets

Sources told Business Line that the delay in finding a suitable aircraft led to the proposal being called off. Industry sources said lack of response received from the international bidders was one of the reasons for the project not materialising.

While four proposals were said to have been received from the prospective lessors, one is reported to have been rejected, as it did not meet the laid down criterion.

In May last year ONGC and Indian Airlines entered into a memorandum of understanding that stipulated that IA would assist the oil giant lease two new business jets. ONGC was keen to lease aircraft that could seat 9-12 passengers.

A nine-member Joint Technical Economic Evaluation group that included members from ONGC, Indian Airlines and Alliance Air was set up to assist in the leasing of the aircraft.

IA was to undertake the operation and provide maintenance services for the two new business jets. The airline was to be the custodian of the aircraft and operate them to meet the requirement of ONGC for the movement of its personnel, especially the crisis management team to its various operational locations. ONGC does not own any aircraft now and takes these on lease when ever the need arises.

More Stories on : Outlook | Airlines | Petroleum | Oil & Natural Gas Corporation Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Corporate restructuring in Europe — Lessons and opportunities for India

Intl Travel House profit up

SHCIL takes stake in GKM

Orient Craft plans expansion

Jindal Steel's Bolivia mine acquisition in limbo

MMTC sets Rs 20,000-cr turnover target

ONGC drops plan to lease two business jets