No-frill carrier SpiceJet on Monday announced compensation to passengers for delay or cancellation of flights due to factors within their control, through travel vouchers worth Rs 500 or Rs 1,000.
SpiceJet grounded all its aircraft due to payment woes
On December 31, SpiceJet's accumulated losses had grown to Rs 3,233 crore.
The DGCA has allowed SpiceJet to accept advance bookings beyond March 31.
SpiceJet owes around Rs 240 crore (Rs 2.40 billion) to the Airports Authority of India (AAI) for using its airports in the country.
The airline launched a three-day discounted sale of tickets starting at Rs 1,010, to mark its 10th anniversary
The bookings for this three-day offer commences from Monday with a travel validity period between January 16 and October 24 next year, SpiceJet said.
Last week, the carrier had asked about 60 pilots who had resigned to leave after serving only half the six-month notice period.
This is the third consecutive profitable quarter for SpiceJet.
This is also the highest ever profit recorded by the carrier, which was facing turbulent times a year ago.
Airfares have nearly doubled in a matter of days on routes hit by the cancellation of 200 weekly flights linking Mumbai airport to 12 cities. The fares have soared as high as 193 per cent following a recent government order to cancel flights to ease "persistent congestion" that was causing delays. Aside from the reduction in flights on 12 routes, two destinations - Hubli and Jabalpur - have lost connectivity with Mumbai since last week, according to aviation analytics firm Cirium's data reviewed
SpiceJet also plans to increase its daily flights to 251.
Frequent flight cancellations and the Airports Authority of India's decision to put SpiceJet on a cash-and-carry mode have made online travel agencies nervous.
the airline is giving 30 per cent discount on tickets.
The additional stake will cost the promoters Rs 312 crore (Rs 3.12 billion).
Shares of SpiceJet fell sharply by over 8 per cent as flight operations of the cash-strapped company were grounded on Wednesday on payment woes.
No-frills carrier SpiceJet has put ten lakh seats on the block with base fares starting as low as Rs 999, which are lower than a 3-AC train ticket, for a one-way journey under a limited period offer.
Low-cost carrier SpiceJet Ltd on Friday said it expects to resolve settlement disputes with its lessors shortly.
Spicejet has sought extention from the Airports Authority of India over payment schedule.
The Irish firms had sought to deregister SpiceJet.
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After all its flights remained grounded for most part of the day on Wednesday, cash-strapped SpiceJet resumed operations in the evening as oil companies, which had stopped fuel supplies to its aircraft, eased the restriction.
It is not clear whether the fund would be looking at a possible buyout of the promoters' stake or fresh infusion of equity. Wilbur Ross does not have any investment in aviation till now. The fund will be looking at a bailout for the airline as SpiceJet is seeking to raise funds to stay afloat and also to fund the aircraft acquisition for its new Boeing fleet scheduled for deliveries over the next five months.
SpiceJet had last year announced a $4.4-bn deal for 42 Boeing 737 Max.
Spicejet has consolidated its base fare by including fuel surcharge in it.
Lower fuel costs and tight control on expenses propped up earnings before interest, tax, depreciation and amortisation (Ebitda) margins to one per cent.
SpiceJet is expanding international operations to improve dollar earnings and offset losses caused by currency rate fluctuations.
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.
The share swap is expected to be in the ratio of 1: 3, where SpiceJet shareholders will get one share of the merged entity for every three SpiceJet shares owned by them.
From steel tycoon Lakshmi Mittal to billionaire Sunil Bharti Mittal's Airtel, Anil Agarwal's Vedanta, ITC, Mahindra and Mahindra, and a lesser-known Future Gaming and Hotel Services were among the prominent buyers of the now-scrapped electoral bonds for making political donations.
The Gurgaon-based carrier, which started its regional operations from Hyderabad last month, plans to have the hubs in Chennai, Ahmedabad, Bangalore, Kolkata and Delhi.
Says, it is too pre-mature to comment on the possibilities of any fresh equity issuance.
SpiceJet has cut capacity by reducing its fleet to 35 Boeing 737 aircraft from 42 in December.
Airlines' summer schedule in India commences from late March and lasts till October every year.
IndiGo continues to fly high as the top airline in India while crisis-hit SpiceJet has some good news.
With the earlier order for 55 planes and additional 100 new 737-8 MAX aircraft, the no-frills carrier now has firmed up the order for a total of 155 planes, besides purchase rights for 50 B737-8 MAX and wide body aircraft.
SpiceJet in a statement said that there is no default in payment to AAI since January this year.
The airline had reported a net loss of Rs 321.5 crore or Rs 3.21 billion in the same period a year ago.
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.
His resignation comes at a time when the cash-strapped airline is looking at various ways to get in fresh investment. The airline will either look at a merger with Kingfisher Airlines, which is promoted by liquor baron Vijay Mallya, or a possible infusion from US distress fund Wilbur Ross, which is willing to pump in money.
The fresh round of discounted fares is applicable for three days starting Tuesday on all SpiceJet flights from eight cities in South India.
