Naresh Goyal only gave an undertaking not to sell any of his 51% stake in return for raising working capital debt from PNB.
The resolution plan has to be put to work this month itself. Jet has a debt of over Rs 8,000 crore and needs to make repayments of up to Rs 1,700 crore by the end of March.
One thing is certain: The part-Goan, part-Malayali group CEO of Air Asia is not your usual boardroom CEO, and he cultivates the maverick businessman image, buying race car teams and football clubs and taking off-beat bets with his mentor and now buddy Richard Branson of Virgin.
State Bank of India and Kingfisher Airlines on Monday launched a e-ticketing initiative for air travellers.
India's Rs 4.5-trillion fast-moving consumer goods (FMCG) sector was one of the first to bounce back from the lockdown induced blues, reporting a year-on-year (YoY) growth in the October-December quarter last year. That said, the overall consumption figures continue to remain depressed. The FMCG market, which includes daily consumables like branded atta, hand sanitizers, edible oils, shampoos, razors, and so on, recorded 7.3 per cent value growth during the period, while the smartphone market grew by 21 per cent.
This property has all the hallmarks of being owned and occupied by Vijay Mallya. A fleet of supercars making their way down the drive, hordes of people descending to party all night long and a constant delivery of goods and services.
Six of these aircraft are currently on lease to Etihad Airways, set to start returning to Jetair's fleet in June
AirAsia says deal not violative of shareholder agreement.
Private equity players said their research had shown that the PE share after COVID-19 could go up to 8-10 per cent.
The latest Bollywood updates.
Majority of India's international routes have been captured by foreign airlines.
Stating that open markets mean more opportunities, Modi said during the last six years the government has made many efforts to make the Indian economy more open and reform oriented.
AirAsia India, which is using the training facilities of its parent airline AirAsia in Malaysia, plans to set up similar facilities in India in the coming years, airline sources said.
Govt has no plan to divest stake in Air India.
Jet Airways made a stand-alone profit of Rs 87.5 crore (Rs 875 million).
Newly launched Vistara has a passenger load factor of 55% in the busy Delhi-Mumbai sector, compared with 80-85% in other airlines.
Vistara is likely to offer 148 seats in a three-class configuration in its Airbus A320s, industry sources said.
Jet Airways on Thursday said it would introduce more flights on both its domestic and international networks.
While four of the directors would be nominated by Tata Sons, the other two would be representatives of Singapore Airlines.
According to outsourcing advisors and experts, while almost half of the deals are likely to see delay, the others are expected to be renewed at a lower price as enterprises ask for discounts in roll-over contracts.
To introduce 'Guest First' programme to attract corporate customers; its market share and load factor lower than rivals
AirAsia founder Tony Fernandes began talks with bankers to take Asia's number one budget airline private after a plunge in its stock price put $200 million worth of loans borrowed against AirAsia's shares at risk.
Keeping in view the increased chances of government allowing private domestic airlines to fly abroad, Jet Airways has entered into a global tie-up with the international hotel chain Hyatt, its first global hotel partner.
AirAsia, the largest low-cost airline in Asia, announced the JV with Tatas late February. Last month FIPB had approved the proposal.
AirAsia plans to sell 12 planes this year, a move that will bring in around 500 million ringgit ($156 million) in net profit.
Most airlines have fattened their profits, turned the corner, or cut their losses, except AirAsia India.
A direction by Chief Justice of India S A Bobde, Justice B R Gavai, and Justice Surya Kant to the Karnataka high court asked the latter to expeditiously settle the matter of assets deposited before it by Mallya for liquidation, and thereby payment to creditors 'preferably not later than three months'. It will be interesting to see the view of the London high court, if the settlement of his dues to Indian creditors is imminent, reports Ashis Ray.
Vistara was launched on January 9.
Foreign tourists are postponing their India holiday and there have been some cancellations as well, with trips to the North-East seeing the most adverse impact.
Tata Sons and Singapore Airlines (SIA), which recently received a no-objection certificate from the ministry of civil aviation to start a full-service airline (Tata-SIA Airlines), are in the process of securing an import licence for 20 Airbus A320 aircraft.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
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.
Speaking at the 2013 CAPA Australia Pacific Aviation Summit held in Sydney, Abu Dhabi-based Etihad Airline's President and CEO James Hogan said, "We are delighted to welcome Air Serbia to our equity alliance, and look forward to receiving final approvals from regulators in India of our investment in Jet Airways," he added.
The inaugural flight took off in the presence of Minister of State for Civil Aviation, Mahesh Sharma, along with a number of other people.
In a departure from the past, when IHCL adopted the organic route for entering markets like London and New York, this time around the expansion will be acquisition-led.
We are only 9-10 months into the turnaround exercise: Maran
Flight caterer TajSATS has partnered with Air India to improve the onboard food service on select domestic and international routes.
In a meeting with stakeholders last week, the authority mooted setting up a Special Purpose Vehicle along with airlines and state-owned oil marketing companies to develop common infrastructure to import ATF, among others, at Chennai and Kolkata airports. While AAI and OMCs will hold 76 per cent in the proposed SPV, the airlines will participate in the remaining 24 per cent equity.
