Konnect to be phased out as airline struggles to contain losses.
A resurgent SpiceJet is spreading its wings and Vistara is set to challenge Jet on long-haul routes in the coming years.
Reliance group chairman Anil Ambani on Thursday appeared before the Enforcement Directorate in Mumbai in connection with a money-laundering probe against Yes Bank promoter Rana Kapoor and others, officials said. The agency is expected to record the statement of Ambani under the Prevention of Money Laundering Act. The 60-year-old businessman arrived at the ED office in Ballard Estate around 9.30 am.
Jet Airways Ltd said on Friday it made a profit in the June quarter compared to a loss in the year-ago period, helped by a drop in fuel expenses.
The April 2 Supreme Court order quashing the February 12, 2018 RBI circular (which ended all debt recast plans even on a one-day default) put paid to the resolution plan as banks were left with no leeway to restructure the loan and pay the promised Rs 1,500 crore interim funds.
For Jet's revival, Mr Jalan should be on the scene long enough for everyone to get to know him, appreciate his skills, and not vanish into thin air within a matter of months or even weeks, observes Anjuli Bhargava.
Changes being driven by Etihad, says a source, after a V-P quits
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The open offer for minority shareholders would need to be made even if the 'control' has been acquired without crossing the threshold shareholding limit (25 per cent), Sebi Chairman U K Sinha said.
The pilots and other senior staff have not been getting their full salaries since December.
The standoff between the government and the opposition in Parliament has showed no signs of easing after it erupted on the opening day of the Monsoon session on July 19.
A financial turnaround with the Etihad partnership and debt restructuring has not fully materialised.
Private carrier Jet Airways is re-working a comprehensive profitability plan sought by its foreign partner Etihad Airways, which completed a 24 per cent stake purchase in the Naresh Goyal-led carrier recently.
Over the past several months, the airline has struggled to pay vendors and staff salaries on time.
While Etihad has told Securities and Exchange Board of India that it has not violated any securities law by not making an open offer, the capital market regulator is now seeking further clarity on the issue from other agencies including fair trade watchdog CCI, Finance Ministry and Aviation Ministry, sources said.
Till high school, his medium of learning was Marathi. Later, he completed his doctorate under Neil Armstrong's guidance. He has travelled to close to 50 countries, sold $350 billion worth of aircraft. Anjuli Bhargava meets Boeing SVP Dinesh Keskar.
Refuting all the allegations, IOC has clarified that no monopolistic situation exists in supply and pricing of aviation turbine fuel (ATF) to airlines.
The move is likely to impact Jet's operations out of Belgium and India.
'Industry observers are certain the next attempt will succeed even if they have to browbeat someone into buying as the government has put its might behind it,' predicts Anjuli Bhargava.
Signs of financial stress were visible when the airline reported a loss of Rs 10.40 billion.
The company has finalised a three year business plan to increase revenue and control costs.
The 30-share Sensex stayed in the green for the better part of the session and hit the day's high of 38,297.70 as buying pace gathered momentum towards the fag-end.
Bids to be evaluated according to guidelines by the civil aviation ministry, following which a buyer will be selected. Transfer of control to the buyer to be effected by June-end.
After a meeting of banks on Friday on ways to make funds available immediately, a source in the know said lenders other than SBI and Punjab National Bank had not come on board so far to chip in with their funds.
While the FIPB has sought more transparency on whether the rules concerning effective control would be followed once the deal fructifies, the Finance Ministry has also written to Sebi for a report on the Jet-Etihad deal, official sources said Wednesday.
In India, many players are in the throes of chaos and pain but at least one partnership -- Air Asia India -- that was fraying even before the pandemic now finds itself at breaking point, says Anjuli Bhargava.
The Confederation of Indian Industry will organise a round table on investment.
The Boeing website lists the price of a Boeing 737-800 aircraft at $90.5 million.
A senior first officer with Jet Airways shares her plight.
Abu Dhabi national carrier had bought 24 per cent stake in Jet Airways for $379 million in April.
The deal, involving Abu Dhabi carrier Etihad's purchase of 24 per cent stake in Naresh Goyal-led Jet Airways, was approved last month by the Competition Commission of India.
The airline has failed to address fliers' fears and has been opaque about the allegations of tax and financial fraud, giving rise to apprehension that Jet Airways may be headed the Kingfisher way.
Indian bankers are fearful that going out of their way to save Jet could lead to subsequent harassment from investigative agencies.
'By August 2018, it was evident that Jet was heading into serious financial trouble.' 'Why didn't the DGCA stop all advance bookings right there and then?' asks Anjuli Bhargava.
Troubles for SpiceJet seem to have piled up and it remains financially strapped.
Tony Fernandes said the aviation sector here was a "double marathon" and not a "sprint".
Minority investors of SpiceJet might be feeling cold-shouldered.
Vistara reported a passenger load factor of 45.4 per cent.
Though Vistara is not a low-cost carrier, it could benefit from the fact that the difference between the fares of LCCs and economy class of full-service carriers in India is minimal today.
DGCA asks those likely to be affected by a scheduled air operator's permit to the airline to give suggestions, objections within 30 days.
Recruitment and import of aircraft still to get going
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