The exclusivity clause for closing the deal between private equity investor WL Ross and SpiceJet that ended on July 31 has been extended because the US-based company is re-negotiating with creditors to write down their debt with the low-cost carrier.
We will not be in the ultra-low-cost car segment. Our focus will be on the A1 and A2 segments, which are growth areas in which many of the new players like Nissan, Volkswagen or Toyota are planning to enter. Our entry-level car will remain the Maruti 800.
With 3G mobile services, which provide high-speed downloads of data, movies and videos, around six month away, mobile phone makers are getting ready to offer handsets for as little as Rs 3,500, against the currently available minimum price of over Rs 8,000.
At a time when crude oil prices are softening internationally, domestic carriers are raising fares by as much as 10 per cent to boost yields and cut losses. The new rates will be effective from August 1.
However, portability services, which were earlier expected to be launched by the end of the year in the four metros -- Delhi, Mumbai, Kolkata and Chennai -- as well as Tamil Nadu, have now been delayed till February or March 2009 (the DoT has said that it will start operations six months after the licence is granted).
Get ready to be pampered when you fly abroad next time. Stung by the slowdown in the US, international carriers are going all out to woo travellers from countries such as India, which are still registering a double-digit growth in outbound traffic.
DoT identifies more spectrum, to expand auctions from earlier estimate of five in each service area.
Major travel agents have threatened to stop selling domestic and international air tickets until airlines agreed to restore commissions that they had said they would scrap starting October 1, citing higher costs and slower growth.
This follows the show-cause notice that was issued to the company last month by the ministry of informaton and broadcasting and the response given by the company. According to highly placed sources, the letter of suspension of Bharti's DTH licence has been moved within the I&B ministry because it is not satisfied with the response sent by Bharti Telemedia.
The department of telecommunications has raised questions about the merger between Idea Cellular and Spice Telecom violating key clauses on intra-circle merger and mobile licence conditions.
The Department of Telecommunications (DoT) has mooted a proposal under which operators will pay a one-time fee for all spectrum allotments beyond 6.2 MHz.
The Department of Telecommunications is examining a proposal to auction around nine licences for 3G -- or third generation -- services among incumbents and new players in place of an earlier proposal to allow five players in this space.
Three months after joining the budget carrier JetLite, Finnish CEO Maunu von Lueders plans to quit the organization at a time when its parent Jet Airways intends to merge the back-end operations to cut costs.
Although a merger with low-cost carrier SpiceJet would have made the Kingfisher-Deccan combine the largest carrier in Indian skies, it would have put a huge burden on the Vijay Mallya-controlled carrier's financials, feel experts. SpiceJet's losses have almost doubled to Rs 133 crore (Rs 1.33 billion) this year -- of which Rs 123 crore (Rs 1.23 billion) were incurred in the March quarter -- as compared with last year.
His resignation comes at a time when the cash-strapped airline is looking at various ways to get in fresh investment. The airline will either look at a merger with Kingfisher Airlines, which is promoted by liquor baron Vijay Mallya, or a possible infusion from US distress fund Wilbur Ross, which is willing to pump in money.
Global investment banking and securities firm Goldman Sachs has expressed interest in acquiring equity in Delhi-based SpiceJet even as top sources said talks for a merger with Kingfisher Airlines are on track.
The MTN-Reliance Communications merger, if it gets through, will create a telecom behemoth of 115 million subscribers in 25 countries.
The share swap is expected to be in the ratio of 1: 3, where SpiceJet shareholders will get one share of the merged entity for every three SpiceJet shares owned by them.
Faced with heavy losses, budget carrier JetLite has shelved plans to fly abroad. It will also stop 20 of its 131 daily flights within the country and ground three of its 18-strong fleet of Boeing 737s.
A no-holds-barred boardroom battle has broken out between Mahendra Nahata and the Dhoots of Videocon, 36:64 partners in Datacom Solutions, a company which wants to launch mobile telephone services all over the country in a month-and-a-half.
