SpiceJet strts trimming workforce.
Low-cost carrier SpiceJet has raised about Rs 100 crore (Rs 1 billion) by allotting 4.29 crore shares to promoter Kalanithi Maran at a price of Rs 23.18 per share.
The airline has already commenced the sale of tickets for the new destination, which will be the ninth international sector to be served by carrier, SpiceJet said.
Budget air-carrier, SpiceJet, expects to break-even this fiscal, a top company official said. The break-even could come on the back of stabilising fuel prices and an increasing demand for low-fare travel, he said. The air-carrier expects oil prices to stablise in the range of $65-70.
The airline has promised refunds within 10 days, but there is a rush
Stocks of SpiceJet on Friday surged nearly 10 per cent after the company returned to original promoter Ajay Singh for its revival in a multi-layered deal worth up to Rs 1,500 crore (Rs 15 billion).
SpiceJet is having tough times due to a huge financial crunch.
The CEOs met late last month to discuss the agreement. Industry experts said one advantage would be the fact that GoAir was looking at increasing its fleet to 20 aircraft by 2011. "If SpiceJet acquires the airline, it will gain access to slots for the aircraft orders which it can sell," said an industry expert. Selling order slots has emerged as a lucrative revenue stream for several Indian airlines that are feeling the pinch of falling passenger traffic.
Earlier, PE firms such as Goldman Sachs and Indigo Partners had evinced interest in the Indian aviation market.
Low-cost carrier SpiceJet would adopt a two-pronged strategy - increase airfare and improve efficiency - for better margins, said Neil Mills, chief executive office of Spicejet Limited.
Amid reports of a possible stake sale, low-cost airline SpiceJet on Friday said it is exploring all options to mop up funds to overcome the cash crunch.
Shareholders of Spicejet including Royal Holding Services Ltd, Istithmar and Ajay Singh and Goldman Sachs, in capacity as a bondholder of the company, on Monday entered into definitive agreements with WL Ross & Co to this effect, Spicejet said in a filing to the Bombay Stock Exchange.
Claiming to be on top of all airlines in the country in terms of passenger load factor, infant budget carrier SpiceJet on Wednesday said it would add four more aircraft to its existing fleet of three Boeing airplanes by December to launch services in
At the height of its troubles and desperate to mop up cash to fly the next day, SpiceJet was offering ridiculously high deposit incentives to travel agents and online portals -- incentives it could ill afford.
Beleaguered no-frills carrier SpiceJet on Monday approached the government for financial aid.
Low-cost carrier SpiceJet will receive about $65 million within a week as the second tranche of investment by US private equity firm WL Ross and Co and by Goldman Sachs.
No frills airlines SpiceJet and IndiGo have merged fuel surcharge with the base fares, saying it would simplify the prevailing fare structure.
Expanding its international operations, the airline will launch its daily direct flight to Saudi Arabia's capital Riyadh from January next year.
Crisis-hit SpiceJet may get the first round of its much-needed fund infusion in the next two days, while more may come in a month's time as part of an estimated $200 million investment plan, sources said on Thursday.
Cites high valuations as reason for exit.
SpiceJet said on Monday it has entered into an agreement with global pilot training firm United Aviation for its cadet pilot programme.
Reliance Industries Ltd is likely to import jet fuel for SpiceJet.
Crisis-hit SpiceJet hopedul of a turnaround.
If all 102 grounded planes could fly, there will theoretically be 400 more Delhi-Mumbai flights every day.
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
Neil Mills explains the rationale behind slashing fare by 50 per cent in a recent offer.
Mallya recently acquired 26 percent stake in the country's largest budget airline, Air Deccan.
Rising crude oil prices and muted passenger traffic in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24) have raised concerns about the profitability of listed aviation players. These two concerns have caused the stock of InterGlobe Aviation (IndiGo), the largest player in the sector, to slip by 11 per cent since its highs at the end of July. Nuvama Research expects yields to cool down in the near term due to seasonality, rising crude oil prices, and higher capacity.
As per the current policy, 100 per cent foreign investment is allowed in scheduled air transport service, domestic scheduled passenger airlines and regional air transport
Private sector low cost airline SpiceJet has entered into a strategic tie-up with Hindustan Petroleum Corp Ltd to sell air-tickets through the latter's petrol stations.
Ministry sources say investors are looking at pumping in around Rs 1,100 crore
Low-cost carrier SpiceJet Airlines, promoted by a group of investors led by the Kansagra family and Delhi-based Ajay Singh, is working on a plan to start international operations next year, making it the third private Indian carrier after Jet Airways and Kingfisher to fly overseas.
Key shareholders of low-cost airline SpiceJet have rejected an offer by the Reliance ADA Group to pick up a 51 per cent stake in the airline for Rs 40-45 per share. The offer was made last week.
Domestic airlines flew 1.29 crore passengers in April, a rise of more than 22 per cent compared to the year-ago period, according to official data released on Friday. However, the domestic air traffic number last month at 128.88 lakh was marginally lower than the 128.93 lakh recorded in March. In April 2022, the number of passengers carried by airlines stood at 105.47 lakh.
Sun TV promoter Kalanithi Maran, through his advisors, is talking to hedge fund Wilbur L Ross to buy its entire 30 per cent stake in low-cost carrier SpiceJet Ltd.
SpiceJet to add 7 planes; another Rs 500 cr infusion in April.
Civil Aviation Minister Ajit Singh inaugurated the 5-day long event.
Foreign carriers to pick up staff from cash-strapped SpiceJet.
SpiceJet has cut the size of its fleet to 22-24 Boeing planes from 35 and will keep it this way for few months.
Announcing the launch of its Bangalore-Bangkok direct flight, SpiceJet on Friday said it will be adding 3 to 4 international destinations in the next year.
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