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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.
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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.
Wipro Consumer Care and Lighting on Thursday announced the acquisition of Brahmins - a Kerala-based traditional vegetarian, spice mix and ready-to-cook brand - and it has also drawn up plans to launch its snacks brand targeting the southern market. The company will focus on the southern market and is in the process of launching its own brand in the fast-growing ready-to-eat and snacks segment, Wipro Consumer Care and Lighting and managing director Vineet Agrawal told PTI. He further said Wipro Consumer Care and Lighting would take the acquisition route for expanding in the spices segment.
Spicejet has sought extention from the Airports Authority of India over payment schedule.
Carrier in denial, even as Paramount looks for a buy.
Low cost carrier SpiceJet has launched its services on the Bangalore-Ahmedabad and Bangalore-Delhi via Ahmedabad routes.
Budget carrier SpiceJet on Wednesday joined the low fare race in the domestic market putting on the block half a million seats with ticket prices starting at Rs 1,499 under a limited period promotional offer.
SpiceJet is expanding international operations to improve dollar earnings and offset losses caused by currency rate fluctuations.
Bhupendra Kumar Modi is the founder of $2-billion Spice Group.
The board of Spice Corp which met on Wednesday night is in the process of taking a call whether to go ahead with the bidding for Satyam or not, given its apprehension about the lack of transparency.
Indian sweet, snack, and restaurant chain group Bikanervala, with revenues of over Rs 3,000 crore, is working towards an initial public offering (IPO) for its food company in the next three years. Before that, it could also bring in private equity (PE) investors. The low-profile Aggarwal family-owned group company, Bikanervala Foods (which also sells under the brand name Bikano), operates in the snack business.
SpiceJet grounded all its aircraft due to payment woes
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.
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The airline had reported a net loss of Rs 321.5 crore or Rs 3.21 billion in the same period a year ago.
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.
Airline says can't discuss dues publicly, denies grounding of planes
Telekom Malaysia might partner with strategic investors to increase their combined stake in Spice Communications to 74 per cent. The Malaysian giant has 39.20 per cent equity in the telecom company and foreign institutional investors hold 9.59 per cent, taking the total foreign holding to 48.79 per cent.
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SpiceJet in a statement said that there is no default in payment to AAI since January this year.
SpiceJet has cut capacity by reducing its fleet to 35 Boeing 737 aircraft from 42 in December.
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India plans to launch electronic auction of spices by July this year as part of efforts by the Spices Board to make the country a global hub for processing and marketing of spices.
Fares would vary according to sector.
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Though the airline got an additional time to clear airport charges, it was reportedly denied fuel across major airports like Delhi, Mumbai and Hyderabad, leading to several flight cancellations and delays, said a Financial Express report.
The airline notched an on-time performance score of 79.9 per cent across the Delhi, Mumbai, Bangalore, and Hyderabad
NMDC Spice International, a proposed 50:50 joint venture between state-owned miner NMDC and Spice Minerals and Metals, a part of the Spice Energy group, is close to acquiring two iron ore deposits in Armenia. The acquisition is likely to entail an investment of $500 million (Rs 2,173 crore).
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.
A Delhi-bound SpiceJet plane hit a stray buffalo on the runway while rolling for take-off from Surat airport late Thursday night, providing anxious moments to the 146 people on board.
Telecom Regulatory Authority of India on Wednesday issued another directive to Bharti, Spice and Hutchison-Essar following blocking of calls originating from the basic telecom players offering limited mobile services.
A team of Telekom Malaysia officials will meet US-based billionaire B K Modi and officials of Idea Cellular in Mumbai on Friday, a top official at Spice Communications said. Another option is to permit Telekom Malaysia raise its stake in Spice Communications to 74 per cent. Even though, Idea Cellular will have no role to play in this deal, the Modi family will sell around 14 per cent stake and retain a 26 per cent stake.
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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.
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.
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