JP Morgan may buy stake in debt -laden SpiceJet
Low-cost carrier SpiceJet's share price went up 9.5 per cent at the Bombay Stock Exchange today in an otherwise flat market fuelled by speculation that the airline was in merger talks with another Delhi-based low-cost carrier, IndiGo.
Likely to rake up the issue of open offer exemption.
Those who book tickets at discounted fares but later decide to check-in luggage would have to pay a fee.
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, sources said.
With the new fleet of Bombardier Q400 aircraft, the Kalanithi Maran-promoted airline aims at reaching more hinterland of northern Indian and connect more Tier II and Tier III cities on its network.
India's second largest budget carrier SpiceJet, which reported a record Rs 1,003 crore (Rs 10.03 billion) net loss last fiscal, may soon receive the much-needed capital infusion as talks with an overseas investor have reached "very advanced stages".
Board has also accepted the resignations of Marans.
The airline has reported 5th straight quarter of net losses for the July-September period, at Rs 310 crore
He said the ministry was looking forward to suggestions from the state governments and discussions were underway with all the stakeholders to arrive at a policy which would bring back growth in the aviation sector.
The airline was also asked to refund the money it charged from passengers for food and beverages as, according to the laid-down rules, it was supposed to have offered these items for free.
Troubles for SpiceJet seem to have piled up and it remains financially strapped.
Maran had clinched a deal in June to acquire a 37.7 per cent stake in the airline for about Rs 750 crore (Rs 7.5 billion) from American investor Wilbur Ross, his investment companies and the Kansagara family-promoted Royal Holding Services Ltd.
Sun Network chairman Kalanithi Maran and his company, Kal Airways Pvt Ltd, which was incorporated on May 6, are the acquirers of the airline.
The airlines' CEO expects it have 50 Boeing-737s and 30 Bomardier aircraft by 2016
In aviation parlance, an 'interline arrangement' is a deal under which the same ticket covers different legs of the journey flown by different airlines.
Qatar Airways might infuse $200 million in debt and equity in SpiceJet.
Domestic low-cost carrier SpiceJet on Friday said it may start flights to overseas destinations with the relaxation of civil aviation policy for new carriers to fly abroad.
It also asked why the data shared pertained to a period from April 2019 even though the scheme for anonymous political funding was introduced in 2017.
Falling jet fuel prices, stable rupee signal lower losses
Minority investors of SpiceJet might be feeling cold-shouldered.
Sources privy to the development said Maran was being asked to take care of a part of the liabilities.
Going 'long' is becoming an overcrowded trade on Dalal Street, and any negative trigger could lead to a sharp correction, warn experts. However, given the strong momentum, particularly in IT stocks, the downside could be protected in the immediate term. "With the Nifty50 surging to new life-time highs, the bulls remain in control. Further upsides are likely once the immediate resistance of 21,492 is taken out.
It offers fares as low as Rs 1,499 for a one-way journey.
Delhi-based budget carrier SpiceJet will acquire 10 new Boeing 737 airplanes as a part of its fleet expansion programme.
The sources indicated that the AAI, which had given time to SpiceJet till Monday to clear its dues, would not press the deadline and give the airline more time to pay up.
The Forbes magazine had adjudged Maran as the 38th richest man in India, with a net worth of $2.3 billion (as of September).
SpiceJet will have to refund fare to passengers due to a flight delay.
Delhi-based low-cost carrier SpiceJet is looking at restructuring its core leadership team as part of US investor Wilbur Ross's strategy of turning around the company.
It is imperative that the government first decides who should assume ownership of running Air India.
Low cost airline SpiceJet, on Saturday said it has placed orders for 10 more Boeing 737-800 aircraft with Boeing, and the first one would join the existing fleet of five aircraft, by February 2006.
The market is abuzz about how the fabled investor got it wrong.
CCI's ruling came on a complaint filed by Express Industry Council of India.
SpiceJet is in talks with aircraft makers for a jet deal.
Carrying on with its low-fare offers, SpiceJet has now started giving limited-period discounted tickets to flyers from Andhra Pradesh, Tamil Nadu and West Bengal.
In a move that signals a fresh round of consolidation in the recession-hit aviation industry, budget carrier SpiceJet may pick 7.5 per cent stake in another low-cost airline IndiGo.
Ajay Singh would infuse Rs 1,500 cr in SpiceJet.
Low-cost carrier SpiceJet said on Monday it had signed a $1.1 billion deal for sale and lease back agreement, covering 16 brand-new Boeing aircraft.
Speaking to Business Standard, Jet Executive Director Saroj Datta said: "SpiceJet and JetLite are an absolute fit in so far as their business models are concerned."
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