LIC to participate in Jet Airways expansion efforts
New Delhi: Jet Airways, India’s leading private sector airline, which is in the throes of expanding its fleet by purchasing an additional ten Boeing 737 aircraft, is planning to raise about $400 million through a special purpose vehicle (SPV) that will issue pass-through certificates (PTCs) by securitising hire-purchase rentals.

It is understood that the Life Insurance Corporation of India (LIC) is ready to participate in this process to the extent of 25 per cent. The yield will be subject to a floor of 11.70 per cent and a ceiling of 12.30 per cent per annum, for which the airline has already secured a "AAA" rating.

Jet already has a strong fleet of `Next Generation’ Boeing aircraft and the current order for 10 planes was placed by exercising the option provided at the time of buying the first batch of the modern fleet.
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Indian merger of Pfizer and Parke-Davis may be delayed
Mumbai: Complicated legal and procedural issues will ensure that the final merger in India between Pfizer and Parke-Davis will take another 18 months. In the meanwhile, the two companies may work out a co-marketing arrangement to iron out operational difficulties.

The Indian merger was a result of the parent companies of the two pharma major merging internationally in a $90-billion worldwide merger that would create the fastest growing pharma company.

The two companies are yet to appoint a valuation expert to decide on the share exchange ratio for the merger. The two companies are also to call call an extra-ordinary general meeting and have to obtain three-fourth majority, with more than 75 per cent shareholders participating in the poll.

Finally, all these processes should be approved by the state high courts and any shareholder can file petitions against the merger during the hearing. Before the final verdict of the court, the companies will have to obtain a clearance from the RoC.
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