Deccan sells 26 pc stake to UB Group

//Bangalore: Deccan Aviation Ltd, the company that runs low-cost carrier Air Deccan, on Thursday announced it has sold 26 per cent in the airline to Vijay Mallya's UB Holdings for Rs 550 crore. UB Holdings has already paid Rs 150 crore and the remaining amount would be paid in the next four weeks, Air Deccan Managing Director G R Gopinath told reporters after the company's board meeting.

The transaction, which values Air Deccan at Rs 155 a share, would be through allotment of non-preferential shares to UB, he said. UB Group runs the premier full-service, true-value carrier Kingfisher Airlines. Gopinath would continue to remain the Executive Chairman of the Board, while Mallya would be the Vice-Chairman. The promoters and investors would have equal number of directors, besides six independent directors.//

This is called Entrepreneurship, being an army person, look into the emerging market, put efforts to create a company, sell your tickets for Rs.1 and get marketed yourself. Then screw up with your Service and quality and finally sell your stake to a company for a handfull money.

Vijay Mallya, 50, was elected as Chairman of United Breweries by shareholders at the young age of 28, following the demise of his father in 1983. UB is growing like anything and Mallaya started building sky scrappers in the hottest place near to MG Road, Bangalore. Kingfisher Airlines has already notched up a marked share of 9% in India and has ordered 30 Airbus A-320 Aircraft, 5 Airbus A-330 Aircraft, 5 Airbus A-350 Aircraft, 5 Airbus A-380 Aircraft and 5 A340-500 Aircraft in addition to 35 ATR 72-500 turboprop Aircraft to cater to its growth and route expansion plans till 2012.

So ultimately a market itself shrinks under an umbrella.

Then, what else? Black money.... God save US

Do we really?

Sometimes, I do think that are we really passion about our country?

FYI, this is my 250th Post.

US asks Infy, Wipro to explain use of H-1B visas

Contending that the H-1B visa programme is being abused to displace qualified American workers, two US lawmakers have asked nine foreign-based firms, including some leading Indian companies that used 20,000 of such visas, to disclose details about their workforce and their use of the special programme.

As the US Senate gets ready to take up the comprehensive immigration reform legislation, the two top law makers -- Republican Senator Charles Grassley and Democratic Senator Richard Durbin -- said "more and more it appears that companies are using H-1B visas to displace qualified, American workers."

"As we move closer to debate on an immigration bill, I continue to hear how people want to increase the number of H-1B visas that are available to companies. Considering the high amount of fraud and abuse in the visa programme, we need to take a good, hard look at the employers who are using H-1B visas and how they are using them," Grassley said in a statement.

"Supporters claim the goal of the H-1B programme is to help the American economy by allowing companies to hire needed foreign workers. The reality is that too many H-1B visas are being used to facilitate the outsourcing of American jobs to other countries," Senator Durbin said.

The two have written letters to the firms to determine if the programme is being used for its intended purpose, which is to fill a worker shortage for a temporary time period.

The companies the senators sent letters to were Infosys Technologies, Wipro, Tata Consultancy Services, Patni Computer Systems, I-Flex Solutions, Satyam Computer Services, Larsen & Toubro Infotech, Tech Mahindra Americas and Mphasis.