JP Morgan may buy stake in debt -laden SpiceJet
While the interest from Hinduja is a positive sign for the grounded airline, executives of banks cautioned that there is no certainty that the deal will fructify. The cost of recapitalising Jet Airways is increasing every day.
Many firms have asked those joining on April 1 to delay their on-boarding by 2-3 months. The outlook for the airline, tourism, hotel, and media industries is bleak too.
The Insolvencies and Companies Court of London high court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws. Legal experts explain what this means for 65-year old Mallya's personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders - at whose behest the bankruptcy proceedings were initiated in the UK courts.
If the Murari Lal Jalan-Kalrock Capital combine can script a turnaround, it will have pulled off a bigger coup than Ajay Singh did with SpiceJet in 2014.
Vistara CEO Phee Teik Yeoh discusses the airline's expansion plans and challenges with Alnoor Peermohamed.
This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code.
Besides low interest rates, a reduction in active Covid cases and strong high-frequency macro data have lifted the sentiment of both corporate India and the stock markets.
The airline is sitting on a debt pile of over Rs 8,200 crore and has defaulted thrice since January, including on some forex debt.
China had raised concerns about Taiwan being described as a separate region by various airlines worldwide.
The The Airports Authority of India is likely to procure two counter-drone systems worth Rs 9.9 crore in 2022-23, according to an official document.
While media reports suggested that Tata-Singapore Airlines is looking at an all-stock merger of Jet, Tatas, in a statement said, discussions to take over Jet Airways have been preliminary and no proposal has been made
AirAsia India began operations in June 2014.
With cash shortage and plans going awry, the AirAsia owner is looking to cash out of the venture he built with Ratan Tata in 2013.
"We humbly request to you to alleviate some of the hardships that we and engineers have been facing, by ensuring that the new Jet management does not further delay our pending salaries dues at the earliest," NAG general secretary Tej Sood said in an e-mail to SBI chairman Rajnish Kumar.
The revised policy, which has come into effect since last week, means passengers who are looking to skip the long queues at airports will have to shell out a fee for it. For IndiGo, the lowest seat fees is Rs 100 while for SpiceJet it is Rs 99.
The UK high commission said more than 600 pieces of vital medical equipment will be sent to India to support the country in its fight against COVID-19.
Jet will, however, continue to pay the sale-linked productivity bonus to them.
'With a less than comely bride and no dowry to speak of, the prospects of landing a good match look bleak, a grim, sinister and no-nonsense prospective father-in-law notwithstanding,' says Anjuli Bhargava.
"Tata Sons board is meeting tomorrow (Friday) to consider the proposal to bid for Jet Airways," people in the know of the development told PTI.
'Boeing has returned some cash to the airline which will help it improve the current liquidity crisis.'
Together with Jet Airways we will have 61 flights to Amsterdam and Paris during the winter season. That also makes us the second largest airline group after Lufthansa, which has 67 weekly flights, and we are catching up to become the first, says KLM CEO Pieter Elbers.
To avoid season pricing, keep a close eye on the calendar and begin planning travel at least 60 to 90 days in advance keeping tentative dates in mind.
Over the past several months, the airline has struggled to pay vendors and staff salaries on time.
The P-8I, which is widely acknowledged to be the world's most deadly LRMR-ASW aircraft, is a derivative of the Boeing 737-800 airliner, onto which a plethora of sensors and weaponry has been fitted.
The office, spread over 52,775 square feet carpet area, in Mumbai's suburban financial centre Bandra Kurla Complex, is on the fourth floor of the building 'Jet Airways Godrej BKC'.
However, the tender criteria demands that an entity must be eligible to conduct Beyond Visual Line of Sight operations in order to become eligible. Currently, no drone companies are eligible to do BVLOS operations, reports Arindam Majumder.
After the August 10 deadline, South American conglomerate Synergy Group Corp reportedly evinced interest in the airline, forcing the RP to seek lenders' nod to extend the deadline to August 31. The Synergy Group owns a majority in Colombian carrier Avianca Holdings, which has a codeshare partnership with the state-run Air India.
'There will be no flying unless the company pays us substantial salaries and provides a road map,' the National Aviators Guild, the pilots union, said in a message to its members.
IndiGo is facing acute shortage of commanders amid aggressive expansion of its fleet. The carrier has more than 210 planes in its fleet.
Stock market investments are always said to involve risks and people who made big fortunes often made headlines as scamsters, leading to Dalal Street always being looked at with suspicion, but Rakesh Jhunjhunwala was broadly an exception. Jhunjhunwala, a partner at RARE Enterprises, who rose to amass a $5.8 billion fortune and earn the tag of the country's biggest individual investor, leaves behind a relatively cleaner slate, as was seen in the most common description for him -- 'India's own Warren Buffett'. Unlike names like Harshad Mehta and Ketan Parekh, whose rise in fortunes in post-liberalised India was tainted with scam links, the newest 'Big Bull' in the more-regulated market had lesser baggage on this front.
Banks want government to retain 40 per cent of Jet slots at all airports to ensure a new owner can kick-start operations soon after taking over.
Since exploding onto the tennis scene as a 14-year-old, Serena Williams has achieved everything on a tennis court - but her incredible collection of titles and trophies barely define the imprint the American has left on her sport.
While we navigate the challenges posed by the current industry environment, our focus and attention remains on safety and operational reliability, said chief executive Vinay Dube.
SBI chairman Rajnish Kumar said Naresh Goyal would be eligible to bid for the airline when the lenders auction it next month.
Ajit Singh represented a bridge between a constituency that represented a more traditional era in politics and a modern, forward-looking, India, remembers Aditi Phadnis.
IndiGo is providing digital solutions to everyday problems, attracting customers to digital platforms and engaging start-ups to find solutions
United States aerospace major Boeing on Thursday said it received approval from the country's government to offer its F-15EX multi-role combat jet to the Indian Air Force.
The revised structure will help to keep airfares down, when airlines already face a triple challenge of rising crude oil prices, rupee depreciation and constrained airport capacity.
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.
