- Title: INDIA: Kingfisher Airlines signs deal to buy 15 ATR planes
- Date: 20th February 2006
- Summary: BANGALORE, KARNATAKA, INDIA (FILE) (ANI - NO ACCESS BBC) CRUZE, A MINI CAR BY GENERAL MOTORS INDIA INTERIOR OF THE CAR (SOUNDBITE) (English) THEN GENERAL MOTORS INDIA CEO, KARL SLYM, SAYING: "Most of that growth at the moment is in high-end segment (mini car) because automatic transmission are more expensive so to bring them into a mini car segment which is very price
- Embargoed: 7th March 2006 14:44
- Keywords:
- Location: India
- Country: India
- Topics: International Relations
- Reuters ID: LVAC4ZYKV6C2XEX5NFPKB5QQAIO1
- Aspect Ratio: 4:3
- Story Text: India's Kingfisher Airlines on Sunday (February 19) signed a deal with France-based plane maker ATR to buy 15 ATR 72-500 planes, in a deal worth $270 million.
Officials from the two companies signed the deal in the presence of French President Jacques Chirac, who is on a visit to India.
ATR is a 50-50 joint venture between Airbus parent EADS and Italy's Finmeccanica. Kingfisher Airlines is the brainchild of liquor tycoon Vijay Mallya, whose UB Group makes Kingfisher beer, India's top-selling brand, and a host of lifestyle goods.
Kingfisher Airlines, a recently launched low-cost carrier, had placed an order for 20 ATR planes in November.
The 15 ATRs for which the order was sealed on Sunday are to be delivered between March 2006 and August 2008.
Kingfisher Airlines took an option to buy 20 more aircraft.
Chirac arrived in India on Sunday with a group of top CEOs to improve trade ties with Asia's third-largest economy amid a growing row over an Indian-born tycoon's bid for Luxembourg-based steelmaker Arcelor.
France, along with other European nations, are opposed to billionaire Lakshmi Mittal's hostile bid for Arcelor, with the French president himself stating in an Indian magazine interview, the deal would not be in the company's interest. Mittal Steel has made a $23 billion bid for Arcelor, a move that has raised hackles across Europe.
Chirac will hold talks with Indian Prime Minister Manmohan Singh on Monday (February 20). The two are also expected to address a joint news conference.
Another row brewing is over a decommissioned French aircraft carrier, the Clemenceau, which was headed to India to be scrapped.
After protests by Greenpeace, which says the ship carries toxic waste like asbestos and a ban by India's top court on the vessel entering Indian waters pending a report by experts, Chirac ordered the Clemenceau to be brought back to France.
Notwithstanding the controversies, Chirac brings in his train the cream of the Paris bourse, anxious to extend their business in one of the world's most dynamic zones.
France is only 15th on the list of India's suppliers, far behind the United States, Britain, China and Europe's top exporter, Germany. - Copyright Holder: ANI (India)
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