AirAsia Eyeing Overseas Flights
AirAsia India has applied to India’s aviation ministry for permission to start overseas flights, says a report.
This follows four-and-a-half years of operations in the domestic sector. A government official said AirAsia India’s application will be considered only by a group of ministers headed by the finance minister.
Vistara, too, had applied for permission to fly overseas in mid-2018, wanting to start the service at the end of last year, and is still awaiting approval.
Maruti ‘Must Target 25pc’
Maruti Suzuki India (MSI) should aim for up to 25 per cent of its production to be exported, says a report.
However, the top carmaker expects overseas shipments to touch 2 lakh units by 2020, according to company MD and CEO Kenichi Ayukawa.
The company’s total production combined with that of parent Suzuki will cross 2 million units by 2020 when the third unit in Gujarat goes on-stream, and MSI will seek to enter new markets to enhance its exports leveraging on vehicles that will be produced here to meet India’s upcoming stricter safety and emission norms.
Yellow Tie Acquires Dining Brand
Restaurant franchise management company Yellow Tie Hospitality Management, has bought casual dining brand Bombay Blue, says a report.
It was acquired from Everstone Equity-owned Blue Foods for an undisclosed amount. Yellow Tie Hospitality operates over 10 brands under exclusive licensing agreements for Genuine Broaster Chicken, UK’s Wrapchic and Just Falafel from Dubai.
Everstone runs 130-plus outlets under the brands Spaghetti Kitchen, Copper Chimney, The Coffee Bean & Tea Leaf and Gelato Italiano.
Faber Castell Plans Major India Push
Stationery manufacturer Faber Castell said that India will be among the top five markets for the German firm as it looks to double its base in the country in the next five years, according to a report.
“If we want to double the growth in five years, we should look at an annual growth of 10-15%,” said global CEO Daniel Rogger. “We want to gain market share, but not every cost,” he said.
The revenue of AW Faber Castell India went up 6.8% touching 180 crore rupees in year ended March 2018 from 169 crore in the previous year, even though its losses widened 134% to touch 3.3 crore from 1.4 crore during the period, according to data sourced from RoC by Tofler.
JLL Sets Up Residential Brokerage Business
International property consultant JLL India has set up a new residential brokerage business, says a report.
This comes after nearly two years of selling its stake in the firm’s erstwhile residential brokerage vertical. JLL India’s newly set up residential brokerage division with team of 50 property experts across 7 cities across India will offer a bouquet of technology-enabled advisory and transaction services to home buyers and developers, the company said in a release.
To meet its plans to scale up JLL’s Residential Brokerage Business, JLL India plans to ramp up the team to around 100 professionals across Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Kolkata and Chennai.
Cars24 Seeks NBFC Licence
Online marketplace for buying and selling used cars Cars24 has applied to the Reserve Bank of India for an NBFC (non-banking finance company) licence, according to a report.
It becomes yet another internet company in the transportation sector to do so after Ola, and intends to start lending from its own books.
A top official said that the Gurugram-based company would form a separate entity under the Cars24 umbrella to start the financing business.
Domestic Aviation Market Flying High
Indian domestic aviation market continued its growth momentum by registering a growth of 18.6% for 2018, says a report.
Airlines together flew 138.9 million passengers as compared to 117.1 million during 2017.
DGCA data shows that Indian carriers carried 12.7 million passengers during December, up from 11.6 million during the same month in 2017.
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