Friday, December 15, 2006

CHC arrives with first FDI in chopper service

New Delhi: In the first foreign investment in a non-scheduled air service in India, the world’s largest helicopter service company, Canada-based CHC Helicopter Corporation, will acquire a 49% stake in an Indian venture, CHC Helicopters Services India.
Under current regulations a maximum of 49% FDI is allowed in non-scheduled airlines, though the government is considering an increase to 74%. CHC will acquire shares from the Indian promoters of CHC India—Gautam Philip and Vivek Berry. CHC India now has an authorised share capital of Rs 5,00,000, comprising 50,000 shares of Rs 10 each. After the share purchase, the equity capital of CHC India will be hiked to at least Rs 2 crore to meet the minimum capital requirement for operating a non-scheduled airline.
14/12/06 Bipin Chandran/Financial Express
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