A team of Telekom Malaysia officials will meet US-based billionaire B K Modi and officials of Idea Cellular in Mumbai on Friday, a top official at Spice Communications said. Another option is to permit Telekom Malaysia raise its stake in Spice Communications to 74 per cent. Even though, Idea Cellular will have no role to play in this deal, the Modi family will sell around 14 per cent stake and retain a 26 per cent stake.
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Bhupendra Kumar Modi is the founder of $2-billion Spice Group.
"I'm sure BCCI will sort this out," said Ganguly
Indian budget airline SpiceJet has agreed to buy around 40 Boeing 737 passenger jets worth over $4 billion at list prices as it seeks to modernize its fleet and climb out of the red, industry sources said on Tuesday.
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IndiGo declined to comment on the matter
The UK-based promoter-director Bhulo (Bhupendra) Kansagra of Delhi-based low-cost carrier SpiceJet is willing to divest the family stake in the airline if the valuations are right. The Kansagra family owns 12.91 per cent in the airline, which is publicly listed, and has a 10 per cent share in the Indian market, and a market capitalisation of $250 million.
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There could be rejig at top level at SpiceJet.
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After all its flights remained grounded for most part of the day on Wednesday, cash-strapped SpiceJet resumed operations in the evening as oil companies, which had stopped fuel supplies to its aircraft, eased the restriction.
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Qatar Airways might infuse $200 million in debt and equity in SpiceJet.
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Though a formal purchase agreement with Boeing is yet to be signed, SpiceJet's order size could be of 40-50 planes, a source familiar with the development said. At list price, a 737 Max aircraft is valued at about $100 million (Rs 620 crore).
Jet Airways faces similar setback.
Frequent flight cancellations and the Airports Authority of India's decision to put SpiceJet on a cash-and-carry mode have made online travel agencies nervous.
The prospective owners of Indian low-cost carrier SpiceJet Ltd plan to cut the airline's fleet, shrink its network and return to a "plain vanilla" business model to achieve profitability, two people close to the investors said.
In a move that could be followed by major Indian airlines, no-frill carrier SpiceJet on Friday slashed air fares substantially by offering a limited-period sale of 10 lakh seats across its domestic network for an all-inclusive fare of Rs 2,013.
SpiceJet Ltd., an Indian budget airline, will likely to sell a foreign currency convertible bond worth $90 million by early September to raise money for more plane purchases, a company executive said Wednesday.
Ajay Singh is trying hard to turnaround SpiceJet.
If all 102 grounded planes could fly, there will theoretically be 400 more Delhi-Mumbai flights every day.
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Signalling an imminent change in SpiceJet's ownership, potential investors including co-founder Ajay Singh and US-based JPMorgan have begun discussions with markets regulator Sebi over their investment plan for the cash-strapped airline.
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In an email, a SpiceJet spokesperson said: "A few foreign airlines/investors have evinced interest in SpiceJet. It will be very premature to comment on the possibilities of any fresh equity issuance to such interested parties."
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This is the third consecutive profitable quarter for SpiceJet.
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SpiceJet has cut capacity by reducing its fleet to 35 Boeing 737 aircraft from 42 in December.
SpiceJet has held "preliminary discussions" with a Gulf airline for potential investment in the Indian budget carrier, a news report has said.
The budget carrier was on the verge of collapsing in Dec.
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The airline, which posted an annual loss of Rs 191 crore (Rs 1.91 billion) for the past financial year, has been looking to raise funds for months.
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UAE-based telecommunication services provider Emirates Telecommunications Corporation has pulled out of negotiations to acquire a stake in Indian wireless telephony service provider Spice Communications, citing high valuation. Separately, the promoters were expecting a deal to be signed in the next couple of days.
Sources aware of the development said as part of the project, the airline had signed an agreement with Reliance Industries Ltd, which would extend quality control services at its coastal terminals for ATF imported by the airline.
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