Such an exit arrangement is commonly known in the business parlance as 'golden parachute' or 'sweetheart deal'
Days after acquiring control of Air Deccan, Kingfisher Airlines Chairman Vijay Mallya now looks at rationalising the fleet of the two carriers and considering changes in the total fleet order of 90 aircraft.
The men's singles and doubles finals at the Kingfisher Airlines Open will be played on Monday.
Kingfisher will be permitted to fly abroad this year, following its acquisition of Air Deccan. Since Air Deccan will be eligible for the international arena this August, Kingfisher too will enjoy this right.
Nirav Modi, wanted in connection with the estimated $2-billion Punjab National Bank (PNB) scam case, was further remanded in custody on Tuesday by a court in London hearing India's extradition request for the diamond merchant. The 49-year-old appeared on Tuesday via videolink from Wandsworth Prison in south-west London, dressed in a maroon sweater and sporting a full beard, for his regular 28-day "call-over hearing" at Westminster Magistrates' Court, where Chief Magistrate Emma Arbuthnot extended his remand for another 28 days until December 29.
Weighed down by rising crude prices, Vijay Mallya-promoted Kingfisher Airlines is in negotiations with international carriers to sell two of the five A340-500 aircraft it had committed to buy from Airbus last year. The airline may also defer taking deliveries of 29 narrow-bodied A320s, airline sources said.
Kingfisher Airlines, owned by liquor baron Vijay Mallya, has run up a debt of Rs 4,000 crore. The airline, which is merging with Deccan Aviation, is understood to have a top line of around Rs 3,000 crore and is expected to make losses of Rs 900 crore on a yearly basis. This is in addition to the losses of around Rs 650 crore suffered by Deccan Aviation.
Confrontational advertising has become the order of the day in India with corporate houses taking on rivals head-on.
Rumours of Prock-Schaeur's departure have been rife ever since he completed three years with the airline (which was when his contract freed him to leave the carrier without any financial implications). Wolfgang's departure will be the latest in a series of departures from Jet Airways. In the last few weeks, Kingfisher has lured away several senior executives including Murli Ramachandran, senior general manager for airport services.
The world's largest passenger aircraft, Airbus' A-380, would make its maiden flight to India on May seven and spend three days romancing the Indian skies.
Domestic airlines will save around Rs 2,500 crore annually if they import aviation turbine fuel directly rather than buy it from state-owned oil marketing companies. This would help them shave off around 14 per cent of their burgeoning fuel bill and cut the industry's projected loss of Rs 8,000 crore for the current financial year by a little less than a third.
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.
Kingfisher and Deccan had appointed Accenture to study the structure of the merger of the two airlines including operational synergies, network rationalisation and management structure.
: Kingfisher Airlines has launched a new service between Guwahati and Imphal.
Jet's supremacy has now been challenged by a nimble and aggressive Kingfisher which, in just two years and following Mallya's buyout of Air Deccan, is commanding the same market share as Jet Airways and Jetlite.
Vijay Mallya-promoted Kingfisher Airlines's international service, which is expected to start by January 2008, will be staffed entirely by foreign cabin crew.
Earlier this year, Mallya's UB Group had acquired 26 per cent stake in low-cost carrier Deccan Aviation for Rs 550 crore (Rs 5.5 billion). The Group has now scaled up its stake in the budget airline to 46 per cent by buying shares in an open offer.
About 200 passengers arrive in the city through these flights and the number is expected to increase after the introduction of Kingfisher's flight, further boosting the tourism, sources added.
Troubled Indian businessman Vijay Mallya is set to make a rare public appearance in the United Kingdom on Friday when he is scheduled to attend the team bosses press conference ahead of the Formula 1 British Grand Prix.
Banks put the airline's trademarks including Kingfisher logo and the once-famous tag-line 'Fly the Good Times' on the block
The Indo-Belgian pair beat Thomas Johansson and Todd Perry 6-2, 6-7(4), 10-8 in the first round in Stockholm.
Earlier this year, Kingfisher Airlines had acquired 26 per cent stake in low-cost carrier Deccan Aviation for Rs 550 crore (Rs 5.5 billion). The company also made an open offer for another 20 per cent stake in Deccan Aviation. The open offer was oversubscribed. It received bids for 35 million equity shares against the issue size of 27 million shares.
The Indo-Pakistan duo will take on third seeds Jarkko Nieminen of Finland and Robert Lindstedt in the championship round.
Indian wild card recipients Rohan Bopanna and Somdev Dev Barman got relatively easier first round matches at the ATP Kingfisher Airlines Mumbai Open.
Germany's Nicolas Kiefer was awarded the third wild card into the singles main draw of the Mumbai ATP event.
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