With crude oil price crossing $100 per barrel mark, the airlines have begun to pass some of the cost on to the consumer to meet the increased air turbine fuel expenses, and asked the government to take steps to reduce the cost of aviation fuel.
Kingfisher Airlines and Jet Airways on Thursday cancelled their flights to London while Air India postponed its services to Toronto and London, which were to take off tonight as airspace was closed over several North European airports due to drifting ash from a volcano in Iceland.
Private airlines Jet Airways and Kingfisher owe state-owned oil firms over Rs 1,774 crore (Rs 17.74 billion) in unpaid jet fuel bills, Minister of State for Petroleum and Natural Gas Jitin Prasada said on Thursday.
Three Indian brands -- ICICI, Kingfisher and Taj -- have emerged as the most admired consumer brands across Asia-Pacific alongside global majors like LG, Sony, Cadbury, HP and Nokia in their respective segments.
According to the Directorate General of Civil Aviation's recent announcements, most airlines except Deccan, SpiceJet and Jetlite had claimed that they had adequate CAT III-compliant pilots. While Jet claimed it had more than 50 CAT III-compliant pilots, the airline could make no landing under CAT III conditions today.
The order brings an end to the nearly three-year legal battle in the Tribunal by the consortium, comprising 17 banks, to recover the money owed to them by the defunct airlines.
The next phase is when factors such as prison conditions in India are likely to take centre-stage.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
Naresh Goyal only gave an undertaking not to sell any of his 51% stake in return for raising working capital debt from PNB.
Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
The inaugural flight took off in the presence of Minister of State for Civil Aviation, Mahesh Sharma, along with a number of other people.
Hyderabad-based Turbo Megha Airways takes off, promising affordable fares and other benefits.
Auto stocks Hero MotoCorp and Mahindra & Mahindra gained 1-2 per cent on the back of strong sales in the month of September.
Several high profile companies are burdened with losses, mounting debt and have a huge load of operational costs.
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