No-frills carrier SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon, sources said.
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.
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.
Crisis-hit SpiceJet hopedul of a turnaround.
The airline has reported 5th straight quarter of net losses for the July-September period, at Rs 310 crore
With the home ministry rejecting the renewal of broadcast licences to Sun group, is it end of the road for Maran brothers? R Ramasubramanian reports from Chennai.
The airline has said it isn't worried about competition in the domestic market, thanks to its spread across three passenger segments
Sun Group CFO S L Narayanan's interview.
The analysis covers BSE 200 Index's 171 companies for which data on the compensation to the boards of directors for FY14 and FY13 are available.
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Officials in India's civil aviation ministry are now expected to meet SpiceJet stakeholders within a couple of days to discuss the revival plan
Amid reports of a possible stake sale, low-cost airline SpiceJet on Friday said it is exploring all options to mop up funds to overcome the cash crunch.
Meanwhile, the Directorate General of Civil Aviation has also ordered an engineering audit of the airline after the carrier is said to have found it difficult to provide equipment to operate some flights.
SpiceJet recently posted a loss of over Rs 1,000 crore (Rs 10 billion) for fiscal 2014.
No-frills carrier SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon.
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.
In aviation parlance, an 'interline arrangement' is a deal under which the same ticket covers different legs of the journey flown by different airlines.
Chief Operating Officer, Sanjiv Kapoor will be leaving the company effective October 31, 2015 after two years with the organisation.
Meanwhile, Minister of State for Civil Aviation Mahesh Sharma said that there was no question of any bail out to the beleaguered carrier
The airline launched a three-day discounted sale of tickets starting at Rs 1,010, to mark its 10th anniversary
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.
Crisis-hit SpiceJet may get the first round of its much-needed fund infusion in the next two days, while more may come in a month's time as part of an estimated $200 million investment plan, sources said on Thursday.
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.
Impact of the slowdown is most visible among promoter/owner-CEOs
SpiceJet strts trimming workforce.
Cash-strapped SpiceJet has cancelled over 1,800 flights across the country for the current month, in signs of mounting troubles for the budget airline.
SpiceJet has cut capacity by reducing its fleet to 35 Boeing 737 aircraft from 42 in December.
Digital Radio collectively runs 45 radio stations across the country.
SpiceJet promoter Kalanithi Maran would need to invest at least Rs 1,500 crore (Rs 15 billion) almost immediately to stabilise the airline.
The additional stake will cost the promoters Rs 312 crore (Rs 3.12 billion).
Last week, the carrier had asked about 60 pilots who had resigned to leave after serving only half the six-month notice period.
Declining urgent hearing, the top court observed that judges have more cases 'than they can handle'.
Sources privy to the development said Maran was being asked to take care of a part of the liabilities.
The sources said the matter should have been referred to the Cabinet Committee on Economic Affairs as foreign investments above Rs 600 crore (Rs 6 billion) can only be cleared by Cabinet Committee on Economic Affairs headed by the Prime Minister.
In a fresh trouble for the budget carrier SpiceJet, aircraft lessors have approached the aviation regulator DGCA, seeking its permission to repossess 11 Boeing planes of the airline, even as its revival plan is under review of the Civil Aviation Ministry.
The father-son duo are in the radar of the probe agencies in another case concerning the Aircel-Maxis deal.
Likely to rake up the issue of open offer exemption.
There could be rejig at top level at SpiceJet.
It offers fares as low as Rs 1,499 for a one-way journey.
Of the 243 listed flights, it claimed to have operated 75 across the country after 1600 hours on Wednesday.
The Directorate General of Civil Aviation has been asked to open up bookings of SpiceJet till March 31, 2015, while airport operators have been asked to provide 15 days to the airline company for making payments.
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