Indian airline SpiceJet Ltd said on Thursday that its billionaire owner, Kalanithi Maran has proposed to transfer majority ownership in the ailing carrier to co-founder Ajay Singh.
No-frills carrier SpiceJet on Tuesday put on sale 1 lakh seats on its select domestic flights for just Re 1.
SpiceJet recently posted a loss of over Rs 1,000 crore (Rs 10 billion) for fiscal 2014.
'In the US, they have created a blacklist for fliers. We are trying to do the same here.'
The sources indicated that the AAI, which had given time to SpiceJet till Monday to clear its dues, would not press the deadline and give the airline more time to pay up.
SpiceJet slumped slumped almost 14 per cent amid reports that the Airports Authority of India (AAI) has decided to withdraw credit facility to the low-cost carrier.
Sanjiv Kapoor questions the rival's change in strategy and claims of full load.
Domestic airlines on Thursday welcomed the 12.5 per cent cut in jet fuel prices, terming it as a much-needed relief but ruled out any immediate reduction in fares.
SpiceJet is the first Indian low fare airline to establish such an arrangement with a foreign airline.
Those who book tickets at discounted fares but later decide to check-in luggage would have to pay a fee.
SpiceJet has cut capacity by reducing its fleet to 35 Boeing 737 aircraft from 42 in December.
'A formula can be reached so that everyone gets a fair share.'
Meanwhile, Minister of State for Civil Aviation Mahesh Sharma said that there was no question of any bail out to the beleaguered carrier
The Delhi-based airline currently has 13 Airbus A320 aircraft in the fleet and it plans to take another seven (A320 Neo) planes by June 2018.
At least 15 variations were being evaluated regarding the '5/20 rule'.
This is the first time domestic players have announced steep cuts.
The carrier is implementing a number of measures.
Some airline sources, however, fear it will reduce overall yields
On December 31, SpiceJet's accumulated losses had grown to Rs 3,233 crore.
Vistara announced the new fare model giving its economy class customers the choice to forego complimentary meal for a ticket price which is Rs 500-1000 cheaper than the standard fare.
We are only 9-10 months into the turnaround exercise: Maran
The infusion will help the airlines plan their next rounds of operations as easing of 5/20 norms
Sources privy to the development said Maran was being asked to take care of a part of the liabilities.
The airline not to be put on cash and carry mode
Concerned over the deteriorating condition of SpiceJet, aviation regulator DGCA on Friday withdrew 186 of its slots and asked it to clear salary dues of all its employees in the next ten days.
The airline reported a loss of over Rs 1,000 crore last fiscal which is five times higher than its 2013 loss.
The Dangal actor alleged, in an Instagram video, that a middle-aged man sitting behind her on the flight tried to molest her.
'There are smaller cities, which are very attractive to fly'.
Things don't seem to be good at low fare carrier SpiceJet's office. In past few months, its top rung officers have resigned over differences in opinion with the management.
The first set of routes that it will launch internationally will be the routes that can be flown by its existing aircraft, the A320s, which will be routes within three, three-and-a-half hours of India
Delhi's ritzy Terminal 3 is on the global top 5 list on social media and the first among Asian airports on social media.
Civil aviation ministry to monitor flash sales and discount schemes: Source
The airline has launched a series of discount offers since January this year.
IndiGo's passenger load factor, at 67% in July, fell six percentage points from the same month last year.
India's main hubs are bursting at the seams.
The civil aviation ministry appears supportive of SpiceJet because it does not want another airline to fail. The real test now will be the capacity of the airline's chairman, Kalanithi Maran, to raise funds. And he needs to do this quickly.
Vistara was launched on January 9.
Vistara is trying to be leaner and meaner, while staying focused on the original brand promise; it aims to be profitable by FY21. Arindam Majumder reports.
Though SpiceJet is likely to resume flights, experts have a doubt on the airline's financial capabilities.
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