It has posted losses in four consecutive quarters as higher operating costs wiped out revenue gains.
A source said Mills was leaving the airline as he was not getting operational freedom to run the organisation.
Troubled carrier SpiceJet has paid employees' salaries for November and cleared dues of fuel companies as well.
Global investment banking and securities firm Goldman Sachs has expressed interest in acquiring equity in Delhi-based SpiceJet even as top sources said talks for a merger with Kingfisher Airlines are on track.
Shares of SpiceJet zoomed almost 20 per cent on Friday on expectations of revival of the distressed air carrier.
The prospective owners of Indian low-cost carrier SpiceJet Ltd plan to cut the airline's fleet, shrink its network and return to a "plain vanilla" business model to achieve profitability, two people close to the investors said.
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 airline has launched a series of discount offers since January this year.
Clearance of dues is a key step in airline's revival.
The revised policy, which has come into effect since last week, means passengers who are looking to skip the long queues at airports will have to shell out a fee for it. For IndiGo, the lowest seat fees is Rs 100 while for SpiceJet it is Rs 99.
Latter's market share rises to 36.1% in Dec; best on-time performance across metro airports
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
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.
India must address issues that are plaguing its aviation sector.
Low-cost carrier SpiceJet on Friday said it has launched a 'Home Away Insurance' for all its customers in collaboration with insurance firm Tata AIG.
No-frills airline SpiceJet on Wednesday launched yet another round of limited-period low fare offers to fill its seats for travel between July and September when air travel generally slumps.
Kalanithi Maran's stake in the no-frills airline has increased by nearly 6 per cent to 22.05 per cent due to allotment of equity shares following conversion of convertible debentures.
Things don't seem to be good at low fare carrier SpiceJet's office. In past few months, its top rung officers have resigned over differences in opinion with the management.
The offer is applicable to airline's all domestic destinations, including Mumbai, Delhi, Kolkata and Chennai, a company official said.
No frills carrier SpiceJet on Monday cut down base fare for its evening flights to Kathmandu to Re 1 for two days starting on Monday.
India is not an easy environment to operate in and grow because of the high cost of operations, says Neil Mills.
.jpg)
The airline, which posted an annual loss of Rs 191 crore (Rs 1.91 billion) for the past financial year, has been looking to raise funds for months.
In an email, a SpiceJet spokesperson said: "A few foreign airlines/investors have evinced interest in SpiceJet. It will be very premature to comment on the possibilities of any fresh equity issuance to such interested parties."
Sun Group chief Kalanithi Maran and his wife Kavery Maran have resigned from one of the promoter entities of SpiceJet, triggering speculations about a possible sale of Maran family's majority stake in the air carrier.
Jet Airways faces similar setback.
Move aims to comply with Sebi's norm
HC asks DGCA not to de-register SpiceJet planes till April 6.
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.
Sources aware of the development said as part of the project, the airline had signed an agreement with Reliance Industries Ltd, which would extend quality control services at its coastal terminals for ATF imported by the airline.
SpiceJet has held "preliminary discussions" with a Gulf airline for potential investment in the Indian budget carrier, a news report has said.
SpiceJet urges HC to direct DGCA not to deregister its planes.
Chief Operating Officer, Sanjiv Kapoor will be leaving the company effective October 31, 2015 after two years with the organisation.
JP Morgan may buy stake in debt -laden SpiceJet
Those who book tickets at discounted fares but later decide to check-in luggage would have to pay a fee.
Likely to rake up the issue of open offer exemption.
Even as it is expected to post a net loss, the Delhi-based no-frills airline SpiceJet is reducing its financial year to ten months ending March 31, 2007, for operational reasons.
Board has also accepted the resignations of Marans.
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.
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".
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances