Premier airlines, British Airways and Kingfisher Airlines, are likely to announce a codeshare agreement next month which would facilitate seamless travel for passengers, who can also enjoy benefits while travelling on each other's networks.
The Centre for Asia-Pacific Aviation also expects India's airlines to post a combined loss of a whopping $1.4 billion, with Air India likely to be the 'worst performer' to report a loss of almost the entire amount of $1.3 billion.
In a filing to the Bombay Stock Exchange, the Vijay Mallya-led firm said its board would meet on July 28 to 'consider issue of further share capital up to Rs 500 crore and matters consequential thereto'.
UB Holdings had appealed to the bench, of judges Dilip B Bhosale and B Manohar, to let it use Rs 13 crore (Rs 130 million) from a Rs 380-crore (Rs 3.8 billion) deposit to pay a month's salary to employees of the grounded airline and Rs 47 crore (Rs 470 million) to settle tax dues on capital gains made from the sale of a stake in United Spirits to London-based Diageo that got it Rs 1,460 crore (Rs 14.6 billion).
The assurance came a day after a section of employees threatened to disrupt the matches of Royal Challenger Bangalore, owned by Mallya, in the upcoming Indian Premier League.
Vijay Mallya-owned Kingfisher Airlines on Wednesday approached the Supreme Court challenging the Karnataka High Court's order directing it to deposit around Rs 185 crore (Rs 1.85 billion) with the Income Tax Department as tax deducted at source (TDS) from its employees' wages.
After oil firms' rebuff over dues, rival Jet refuses to accommodate Kingfisher passengers due to non-payment.
Kingfisher Airlines, which is reeling under more than Rs 7,000 crore (Rs 70 billion) of debt, owes dues of about Rs 280 crore (Rs 2.8 billion) to the Airports Authority of India.
Kingfisher Airlines, struggling to stay afloat, may spin off its ATR fleet and loyalty programme (frequent flier programme) into separate units.
India does not have a formal bankruptcy process. Liquidation pleas could take years before a final verdict.
Germany plane financier has sued the aviation regulator and the airlines.
Ministry will try to persuade Airports Authority of India, fuel suppliers for easier terms to the airline
A debate regarding the security breach at the Bangalore International Airport due to which someone managed to plant a crude bomb on a Kingfisher Airlines aircraft from Bangalore to Thiruvananthapuram is on with the authorities blaming each other for the incident.
On whether the bank will consider making fresh advances to Kingfisher, SBI managing director Hemant Contractor said, "We have to be satisfied about the viability of the company.
India's private carrier Kingfisher Airlines, which placed orders for 30 Airbus A320 aircraft worth $1.9 billion at the ongoing Dubai Air Show, has said the carrier would go public to finance the deal.
The airline is expected to submit a fresh flight schedule to the DGCA.
The striking pilots are now planning to move the labour court against the airline for failing to pay their backlog.
Kingfisher is in discussion with various investors, including Etihad, for equity investments in the company, but matters are merely at negotiation stages, it said in a statement to the stock exchange.
The list of negatives on Kingfisher Airlines is getting longer.
Kingfisher Airlines on Wednesday said it has taken off flights which have been cancelled in a "planned manner" from its booking site following complaints of hardships to passengers.
Kingfisher Airlines Chairman Vijay Mallya has blamed almost everyone, including engine suppliers, employees, banks and tax authorities, for grounding of the carrier since October last year.
The auditors, B K Ramadhyani & Co, questioned the accounting method used by the airline to calculate costs incurred on maintenance and repair of aircraft.
The Reserve Bank of India (RBI) has asked banks not to treat Kingfisher Airlines' brand as collateral since it is intangible. This is because the loan has turned non-performing for most of the banks.
"A section of Mumbai-based pilots have gone on strike due to repeated failure to keep up with the promises (made by the airline management)," airline sources told PTI in Mumbai.
Private carriers Jet Airways and Kingfisher owed over Rs 1,050 crore (Rs 10.50 billion) to the public sector oil marketing companies (OMCs) like Indian Oil, HPCL and BPCL towards the payment of jet-fuel bills as on November 15.
The alliance, announced in a late night press conference on Monday, will involve code-sharing on domestic and international flights, an interline agreement, joint fuel management, common ground-handling services and cross-selling flights through the global ticketing system.
The consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore (Rs 70 billion) from the carrier but has shares of listed entities like United Spirits as collaterals which should realise Rs 500 crore (Rs 5 billion).
Private carrier Kingfisher Airlines hopes to fly to international destinations by mid 2007, once it receives delivery of Airbus A-330 wide-bodied aircraft.
Government may have ruled out a bailout package for Kingfisher, but is likely to make sure that the carrier does not shut up shop.
The I-T dept has repeated its claim after the Karnataka high court rejected a plea from the airline seeking to prevent its lenders from seizing the property.
The license of Kingfisher was issued on August 26, 2003, and is valid till December 31 of this year.
Lenders to Kingfisher Airlines said they are yet to hear from the grounded airline even as the deadline set by the bankers to bring in fresh equity of $1 billion ended.
The UB Group-controlled Kingfisher Airlines may cancel its orders for Airbus A380s and A350s or swap these planes for smaller planes like A320s and A330s.
Aircraft lessor International Lease Finance Corp said on Monday it had successfully removed one of six aircraft stranded in India by the dispute over the suspension of operations at Kingfisher Airlines.
Regulator says that it if Kingfisher is prepared to run the airlines DGCA is ready to renew license. However, the proposal from the airlines will be examined in all aspects before taking decision on revoking its license.
Facing severe turbulence, Kingfisher Airlines today started truncated operations in accordance with its new flight schedule, as aviation regulator DGCA examined its operational details to consider whether to take any punitive action against it for flouting norms.
The airline needs at least Rs 1,000 crore to fly again.
The message was given to the airline's CEO, Sanjay Aggarwal, at a meeting here on Wednesay.
The SBI chief said the bank was comfortable on the liquidity front.
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