JSW Group, the Indian conglomerate led by billionaire Savitri Jindal, applied under a subsidy program spearheaded by Prime Minister Narendra Modi to improve flight connectivity for small towns and villages.
The group made a bid in an ongoing auction process which will allow companies asking for minimum government subsidies to operate scheduled commercial flights to the country’s underutilized airstrips. The aim is to improve connectivity between the group’s plants, Chief Financial Officer Seshagiri Rao said in a phone interview Monday. The firm isn’t bidding under listed entities such as JSW Steel Ltd., India’s largest privately owned producer of the material.
Modi has promised tax breaks and waivers of landing and parking charges for some underused airfields in the world’s fastest growing aviation market, which is also among the costliest due to taxes and airport charges. The prime minister is trying connect India’s 450 airports and airstrips, mostly in smaller towns, by vowing to fund some of the airlines’ losses if they fly to such airports.
JSW Group, whose businesses range from metals to power generation, also plans to venture into electric cars by 2020 on expectations the government will promote such vehicles and falling battery prices will make them more affordable, Chairman Sajjan Jindal said in January. Kirk Mclean JerseyShare This