Tag: Airlines

‘Will add more cities between India and Vietnam,’ says CEO Vietnam Airlines 

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vietnam Airlines, the flag carrier of Vietnam, is looking to expand its presence in the Indian market. The airline is considering adding more routes between India and Vietnam. In an exclusive interview with CNBC-TV18, Le Hong Ha, President & CEO of Vietnam Airlines, said, “We started our operations in India in 2022 with services to New Delhi. We are focusing more on India by starting wide body aircraft operations. The Indian market has huge potential, and the traffic is huge.”

Currently Vietnam Airlines operates 14 weekly flights between New Delhi, Mumbai, Hanoi and Ho Chi Minh City. In 2023 the airline also started direct flights to Mumbai. “We will add more routes connecting new Indian and new Vietnam cities. The Indian market and traffic has huge potential. From 15th May we deployed A350 on the New Delhi route, we will deploy widebody aircraft even on the Mumbai route,” Ha added.

When asked about increasing competition, Ha said, “Currently 3 major airlines have flights from India to Vietnam and vice-versa. I reiterate that the Indian market has huge potential, it is big enough for 4 airlines. Once Air India starts direct flights to Vietnam, there will be more opportunity to promote the traffic. Competition is good for the industry.”

On the investment plans, Ha said, “Vietnam Airlines is the national flag carrier, India and Vietnam have deep connections. Firstly we’re promoting traffic between both countries. Want to to invest more in the route by offering better product and services to Indians. A350 will enhance quality of service, we’re investing in terms of service and network expansion.”

The President & CEO of Vietnam Airlines also believes that cargo is another segment where the airline can grow. “There is a huge opportunity in terms of cargo as well. Import and Export between India and Vietnam is more than $14 billion. Right now we’re using belly ops in A321 for cargo operations. Our widebody aircraft is the first step towards increasing cargo movement.
We’re looking to deploy a freighter aircraft to India once we induct one,” Ha said.

While the India ops are not profitable for airline right now, but Vietnam Airlines has high hopes. Ha said, “Currently Indian market is a market where we’re losing market share, but India is our long term investment. We want to promote traffic between Indian and Vietnam. In coming years our Indian route will become profitable.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Emirates Group to reward employees with 20-week bonus after ₹4.7 billion record profit in 2023

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Emirates Group, comprising the airline and ground-handling unit dnata, is set to reward a 20-week bonus to eligible employees, after a record profit for the fiscal year ending March 31, according to sources familiar with the matter.

The bonus will be included in the May payroll, marking the group’s second consecutive year of record profits as it rebounds strongly from the global slowdown in air travel caused by the coronavirus pandemic.

In a notable rebound, Emirates, the long-haul carrier, announced a record profit of ₹4.7 billion for the fiscal year 2023. Revenues surged to ₹33 billion, up from ₹29.3 billion the previous year, while profits jumped from ₹2.9 billion.

Passenger numbers also saw a significant increase, with Emirates carrying 51.9 million passengers during the 2023 fiscal year, compared to 43.6 million the year before.

Emirates’ Chairman and CEO, Sheikh Ahmed bin Saeed Al Maktoum, credited the impressive results to the robust demand for air transport and related services worldwide. He emphasized the company’s agility in meeting customer demands as a key factor in its success.

“We are reaping the benefits of years of relentless investments in our products, services, partnerships, and the capabilities of our talented workforce,” Sheikh Ahmed stated.

The performance of Emirates mirrors that of its home base, Dubai International Airport, which reclaimed its status as the world’s busiest airport for international travelers. The airport handled 86.9 million passengers last year, surpassing pre-pandemic levels of 2019. In 2018, it recorded its highest-ever passenger traffic of 89.1 million before the pandemic struck.

– With inputs from agencies 

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Airlines in US ordered to provide automatic refunds to travellers for cancelled flights

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Airlines in the US will now have to provide automatic refunds to travellers if flights are cancelled or significantly altered under new US Department of Transportation rules, a significant change for consumers that could drive up costs across the industry.

The final regulations released Wednesday outline the circumstances where passengers are entitled to refunds for all travel to, from and within the US. The goal is to make it easier for people to get money back and to make refund policies more consistent from one airline to the next.

According to the department, complaints related to airlines and ticket agents rejecting or delaying refunds made up 87% of all air-travel service complaints at the height of the Covid-19 pandemic in 2020.

Our department just issued rules to protect people from hidden airline fees and to require airlines to give passengers automatic cash refunds when owed. No more having to fend for yourself and jump through hoops to get your money back—airlines will have to automatically do this. pic.twitter.com/Jv7dFmnNkI

— Secretary Pete Buttigieg (@SecretaryPete) April 24, 2024

Also read: IndiGo beats Southwest Airlines to become world’s third largest by market cap

“Passengers deserve to get their money back when an airline owes them — without headaches or haggling,” Transportation Secretary Pete Buttigieg said in a statement.

Under the new rule, passengers will be entitled to refunds if there is a “significant change” to their flights. These include:

• Departure or arrival time that moves by more than three hours domestically or six hours for international flights
• Being downgraded to a lower class than originally purchased, as from first class to economy
• Change of departure or arrival airport
• Increase in number of connections
• Changes to connecting airports or planes flown if they are less accommodating for people with disabilities

Travellers will also get refunds for checked bag fees if the bag is lost and not delivered within 12 hours of a domestic flight’s gate arrival. International flights will have from 15 to 30 hours to return a lost bag, depending on their length.

Also read: Air India flyers can now connect to 32 destinations in US, Mexico and Canada

Anyone who pays for a service, such as in-flight Wi-Fi or entertainment, and doesn’t receive it will also get their money back.

In addition, DOT made changes to make it easier for the passengers to receive the money they’re owed by requiring prompt automatic refunds in cash or through the original form of payment. Buttigieg said during a news conference at Ronald Reagan Washington National Airport Wednesday that the bulk of the new requirements will go into effect in about six months.

The refund changes are poised to add significant costs across the airline industry, which could have a disproportionate impact on low-cost carriers, according to Seaport Research analyst Daniel McKenzie. “To the extent low cost carriers have to add costs to comply, reduce growth and/or downsize, they become less competitive,” McKenzie said in a note.

The Airlines for America trade group said in a statement that its member carriers already abide by and often exceed regulation on consumer protection.

“US airlines are providing more options and better services while ticket prices, including ancillary revenues, are at historic lows,” the group said in a release.

Also on Wednesday, the department released a final rule requiring airlines to clearly communicate their extra fees upfront for checked luggage, carry-on bags or for canceling or changing reservations. According to DOT, airlines saw a 30% increase in revenue from baggage fees between 2018 and 2022.

“Airlines should compete with one another to secure passengers’ business — not to see who can charge the most in surprise fees,” Buttigieg said in a separate statement, adding that the rule will save travelers more than half a billion dollars a year.

Buttigieg told reporters at the news conference that more rules are on the way, including to expand rights for passengers who use wheelchairs and to allow parents to sit with their children on flights without being charged a fee.

DOT will also continue to pursue more aggressive enforcement when airlines violate rules, he said, pointing to the department’s $140 million record fine against Southwest Airlines Co. for a meltdown in its operations that left more than 2 million passengers stranded in December 2022.

“The level of toughness reflected in the Southwest enforcement is not an exception, but the new standard,” Buttigieg said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Domestic air passenger traffic up 4.7%, airlines OTP drops below 80% in January: DGCA 

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Domestic air passenger traffic jumped 4.7% YoY to 1.31 crore in the month of January as per the data by civil aviation regulator Directorate General of Civil Aviation (DGCA). India’s largest airline in terms of market share and fleet size IndiGo, held the highest market share in the month of January. However in terms of MoM comparison, the market share dropped from 61.8% in December 2023 to 60.2% in January 2024. Tata Sons owned Air India held the second largest market share at 12.2% YoY, in MoM terms the share here by 1% from 11.2% in December 2023 to 12.2%. in January 2024.

Other airlines in the group Vistara and Air India held the third largest and fourth largest market share at. 9.9% & 6.1% respectively. Tata Sons owned airlines cumulatively held a market share of 28.2%.

For SpiceJet the market share stood 5.6% YoY and unchanged in MoM terms. India’s latest commercial airline Akasa recorded a market share of 4.5%, the lowest among the top 5 airlines.

Due to dense fog in the Northern part of the country, several flights were impacted which led to severe delays and many cancellations and diversions. There were chaotic scenes at the Delhi airport on January 14, which saw over 500 flight delays.

Due to adverse weather conditions, the on time performance (OTP) of airlines dropped below 80%. Akasa Air was the most punctual airline in January with an OTP of 71.8%, Vistara and IndiGo held an OTP of 67.8% and 60.3% respectively. On the Air India Express, Air India and SpiceJet’s OTP was 59.8%, 47.6% and 37.9%.

Vistara’s passenger load factor (PLF) stood at 94.2%, SpiceJet at 93.7%, Akasa Air at 92.4%, IndiGo at 88.4%, AI Express at 87.6% and Air India at 87.3%.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Winter fog snarling air travel? Here’s what you should do if your flight is cancelled

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A thick layer of fog has enveloped the Indo-Gangetic plains, extending from Punjab to West Bengal, since Thursday (January 18) night, causing disruptions in air traffic. Satellite imagery reveals the formation of fog over areas in Punjab, Haryana, north Rajasthan, and west Uttar Pradesh from 8 pm.

An official from the India Meteorological Department (IMD) highlighted the prevalence of dense to very dense fog in parts of Punjab, Rajasthan, Haryana, Delhi, and Tripura, affecting road transport as well.

Additionally, moderate fog has affected regions in Uttarakhand, east Uttar Pradesh, Bihar, Jharkhand, and Odisha. As of 5.30 am, visibility levels recorded were zero meters in Bathinda and Bikaner, 25 meters in Amritsar and Patiala, 50 meters in Ganganagar, Churu, Hisar, Palam, Safdarjung, Jaipur, and Agartala, and 200 meters in Ambala.

Also read: Chaos unleashed as things go beyond flight delays for commuters at Delhi Airport

On January 14 and 15, over 400 flights were delayed, multiple flights cancelled and several were diverted from Delhi due to poor visibility. As airlines can’t control the weather and if a flight is cancelled, they are required to provide refunds for customers whose flights are cancelled.

Know all about your rights if your flight is cancelled or delayed

According to the Directorate General of Civil Aviation’s (DGCA’s) Civil Aviation Requirement, passengers can claim compensation in case of flight cancellation. As per the law, airlines must furnish passengers with the option of an alternative flight or a complete refund of the ticket fare, coupled with compensation. Moreover, for those travelers who have checked in for their initial flight and are awaiting an alternative, the airline is obligated to supply meals and refreshments.

In the event of a flight delay, the airline is required to provide meals and refreshments. Additionally, they must offer passengers the choice of an alternative flight, a full ticket refund, or, depending on the duration of the delay, arrange hotel accommodation inclusive of transportation.

When airlines expect bad weather to create problems for flights, they give travellers a chance to reschedule their trip a few days prior at no extra cost. A simple Google search of your flight or airline will give you details of the flight’s status.

It’s better to be stuck at home than a hotel or be stranded in an airport terminal. Hence, use the airline’s app or website to make sure that your flight is on schedule before heading for the airport. Airlines usually cancel flights hours or even days before departure time.

If you’re already at the airport, it’s time to multi-task to find another flight. Get in line to speak to an airline representative, and or call the airline’s helpline to get the right information. It helps to reach out on X (Twitter).

Most airlines rebook passengers on a later flight for no additional charge, but that depends on whether there are empty seats.

If your flight is delayed and you no longer wish to take the trip, or haven’t found an alternative, the airline is legally required to refund you the full ticket fare, even if you purchased a non-refundable ticket.

You are also entitled to a refund of any bag fees, seat upgrades or other extras that you didn’t get to use.
However, if the forecast for weather is poor and you need to make an urgent trip, you must consider booking a backup flight.

If many flights are cancelled or delayed, akin to what happened on January 15, it will be best if you connect with your airline before heading to the airport, so that you can reschedule your travel and not have to wait at the airport.

(With inputs from agencies)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Airlines adding routes and expanding fleets could signal a new baseline in Indian outbound travel

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A month ago, Singapore Airlines’ low-cost carrier, Scoot, resumed daily Chennai-Singapore flights. The route first featured on the carrier’s 2016 India debut before it was suspended amid falling demand during COVID-19. With six Indian destinations, including Chennai and Amritsar, now locked and loaded, Scoot has hinted at its expanding its presence in India, especially in tier-2 towns.

“We’re still evaluating different destinations, and I’ve been visiting markets,” said Brian Torrey, General Manager (India and West Asia) at Scoot, “When you pioneer second-tier cities, you have to unlock them in the right order. You don’t want to go too early to a market that’s not ready.” He added: “There’s a new baseline for travel (in India), and to have a key metro like Chennai in our market — we’re very excited.”

Scoot isn’t the only airline adding new routes and shoring up its fleet. Across the world, it’s the same story. At the Dubai Air Show last month, Emirates closed a 52-billion-dollar deal with Boeing as it announced the purchase of 90 Boeing-777 aircraft.

In June, Air India announced that its 70-billion-dollar shopping bag would have 34 Airbus A-350-1000s, 20 Boeing 787 Dreamliners and 140 Airbus A-320 Neos, as part of its much-hyped 470 aircraft deal with both aircraft manufacturers. Indigo has announced its own purchase of 500 Airbus A-320s, as part of a 55-billion-dollar deal.

However, experts point out that there’s a clear distinction between the Emirates order, and those by Indian carriers. “India’s growth is a reality, and that is why Air India, Akasa and Indigo are all growing,” said VK Mathews, Chairman at IBS Software Services, “But if you look at Emirates, the capacity increase that they bring is very less because a considerable part of it is replacement.”

A case in point is Indigo not only adding aircraft, but also destinations to its route map — 20 in the last six months — including Almaty, Nairobi, Baku and Tbilisi. Hyderabad, Ahmedabad and Goa, on the other hand, feature on the carrier’s latest list of international connections.

Several of of these decisions have been made thanks to a healthy spike in outbound travel. A ministry of tourism report estimates an outbound travel growth of 37.9% year-on-year for January-July 2023, and this comes despite an overall hike in the cost of travel on account of a 45% hike in aviation turbine fuel or ATF.

Today, given that destinations like Sri Lanka, Thailand and Vietnam are easing visa regulations for Indians, there’s every indication that the spike in outbound travel from India, will only keep hitting new highs. Online travel agencies are reporting a spike not only in overall ticket-price per booking, but also in the number of travelers making these bookings.

“We’re seeing healthy growth in what we call converts or our number of orders,” said Hari Ganapathy, Co-Founder of PickYourTrail, “This number is growing muchfaster than the market — we are growing at least 30 to 35 percent year-on-year, on that number.”

With aircraft, routes, destinations and simply the number of people traveling from India on the rise, there’s little doubt that a new baseline for outbound travel could well be in the making.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

DGCA draft proposes less work, more rest for pilots

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s air safety watchdog proposes reduced night work hours and more rest for pilots, among measures to address rising complaints of pilot fatigue, according to draft regulations seen by Reuters on Saturday, November 4.

The proposal from the Directorate General of Civil Aviation come more than two months after it decided to conduct a review of pilot fatigue data collected during spot checks and surveillance of airlines.

The review was launched after an IndiGo pilot collapsed and died in August before his flight.

Changes would include cutting the maximum flight duty period to 10 hours from 13 hours for pilots operating at night, and increasing the minimum weekly rest period to 48 hours from 36 hours.

The directorate did not immediately respond to a request for comment on the draft.

Such rule changes are usually circulated for comments from airlines, pilots and other stakeholders before being finalised.

While pilot fatigue is a global problem, India is at the heart of the matter as the world’s fastest-growing aviation market, with hundreds of planes on order by IndiGo and Tata group-owned Air India.

IndiGo, India’s biggest airline, has said the pilot who died had a 27-hour break before duty and was in good health.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Boeing 737 MAX woes continue | US aviation regulator raises concerns over engine anti-ice system

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The skies have not been very clear for the Boeing 737 Max aircraft since its introduction in 2017 as the US aircraft maker continues to grapple with one or other issues related to the much-touted fuel-efficient plane.

The latest is the Federal Aviation Authority‘s warning about the engine anti-ice systems of the CFM LEAP engine that is powering a sizable chunk of this fleet worldwide.

The US aviation regulator has issued a new directive for all Boeing 737 MAX airplanes equipped with CFM Model LEAP-1B series turbofan engines.

The FAA has asked airlines using B-737 Max planes to limit the use of engine anti-ice systems.

The aviation watchdog said, “Using the engine anti-ice system in dry air for more than five minutes during certain environmental and operational conditions can damage the engine resulting in the fuselage or window damage.”

Boeing in its statement to CNBC-TV18 said it supports the rule issued by the FAA on 737 MAX airplanes and is working with the aviation regulator to address this potential risk.

The FAA said if this condition is not addressed it can potentially cause decompression, pose a hazard to window-seated passengers, result in loss of control of aircraft and lead to a forced off-airport landing and injury to passengers.

There are about 29 Boeing 737 MAX planes operated by Indian airlines SpiceJet and Akasa Air. Air India has placed an order for 190 737 MAX in its 470 aircraft order.

Boeing in its statement said while there have been no safety incidents due to the anti-ice system, it can potentially shoot up the temperature of the inlet structure beyond its design temperature range under a very specific combination of weather and operational conditions.

“Boeing supports the rule issued by the FAA addressing a potential overheat issue for specific parts on the engine inlets on 737 MAX aeroplanes. Boeing has identified measures to mitigate the potential issue and is working with our customers to deploy those measures while a permanent fix is developed. We will continue coordinating closely with the FAA,” Boeing’s spokesperson told CNBC-TV18.

Boeing also said it will send an updated Airplane Flight Manual operational guidance to airlines to address the issue in the near term while it is working with the regulator to develop a long-term fix.

According to people familiar with this development, this condition with the anti-ice system has not been seen in service, it was determined through analysis that it is a theoretical possibility under very rare circumstances and the company is working with FAA to fix it.

The Boeing 737 MAX aircraft was grounded for two years following two fatal air crashes in 2018 and 2019 respectively. And less than two years after it returned to the skies in June 2021, the aircraft continues to face turbulence. In April the company disclosed a production problem with two fittings in the aft fuselage that could delay its delivery pipeline.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Airlines asked to exercise moderation in pricing tickets as airfares soar 

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government has asked airlines to exercise moderation and ensure a balance in pricing of air tickets amid a spike in airfares on certain routes especially after suspension of flights by crisis-hit Go First, according to a senior official.

While making it clear that there are no plans to regulate airfares, the official said there should not be a huge gap between the tickets sold in the lower and upper fare buckets by the airlines.

India is one of the fastest growing civil aviation markets in the world and domestic passenger traffic has been rising after being significantly impacted by the coronavirus pandemic.

After cash-strapped Go First stopped flying from May 3, there has been a significant rise in airfares on certain routes that were operated by the budget carrier. The routes include Delhi-Srinagar and Delhi-Pune. Also, the reduction of capacity due to the Go First crisis has come at a time when peak domestic air travel period is round the corner.

Also Read: Akasa Air set to cross 20-aircraft fleet milestone, has international flights on its radar

The senior civil aviation ministry official told reporters that airlines have been asked to “exercise moderation” and “maintain some kind of balance” in terms of pricing of tickets.

There cannot be a situation where there is a huge gap between the lowest and highest fare buckets, and passengers should not face hardships in terms of exorbitant fares, the official said on the condition of anonymity.

There are no plans to regulate airfares, the official said.

Go First, which is undergoing voluntary insolvency resolution proceedings, has cancelled flights till May 26. Besides, many planes of IndiGo are grounded due to Pratt & Whitney engine issues while SpiceJet is also facing financial headwinds.

The official noted that capacity is an issue and hoped that resumption of flights by Go First at the earliest would help ease the situation before the peak travel season in June.

In April, domestic airlines flew 128.88 lakh passengers, as per the latest official data. There has been a steep jump in airfares on certain routes where Go First was operating.

For instance, the average one-way spot fare on Delhi-Leh route saw a 125 per cent rise to an average of Rs 13,674 during the May 3-10 period compared to April 20-28 period, as per data shared by travel portal Ixigo.

During the same comparable periods, average one-way spot fare witnessed an increase of 86 per cent to Rs 16,898 on Delhi-Srinagar route, the data showed.

After deregulation of the country’s airline sector, airfares are market driven and are neither established nor regulated by the government. Airline pricing runs in multiple levels (buckets or Reservation Booking Designators).

Civil aviation minister Jyotiraditya Scindia, on March 16, informed the Lok Sabha that “airfares are neither established nor regulated by the government”.

“The airline pricing system runs in multiple levels (buckets) which are in line with practices being followed globally. The prices are fixed by airlines keeping in mind the market, demand, seasonality and other market forces. The airfare increases with increase in demand for seats as the lower fare buckets get sold out fast when bookings are offered by airlines,” he had said in a written reply.

Also Read: GoFirst crisis concerning, but airlines need to manage their own issues, says Scindia

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow