Beleaguered no-frills carrier SpiceJet on Monday approached the government for financial aid.
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.
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
No frills airlines SpiceJet and IndiGo have merged fuel surcharge with the base fares, saying it would simplify the prevailing fare structure.
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.
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.
Expanding its international operations, the airline will launch its daily direct flight to Saudi Arabia's capital Riyadh from January next year.
Akasa Air's plane occupancy, or load factor, improved the most among all major carriers in April compared to the last month. Load factor signifies the percentage of seats that the airline has been able to fill in its planes. The Vinay Dube-led carrier, which started commercial flights in August last year, saw its load factor jump by more than 11 per cent in April, according to the Ministry of Civil Aviation's data
Reliance Industries Ltd is likely to import jet fuel for SpiceJet.
Cites high valuations as reason for exit.
Crisis-hit SpiceJet hopedul of a turnaround.
SpiceJet said on Monday it has entered into an agreement with global pilot training firm United Aviation for its cadet pilot programme.
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
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.
Ministry sources say investors are looking at pumping in around Rs 1,100 crore
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.
SpiceJet to add 7 planes; another Rs 500 cr infusion in April.
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.
SpiceJet has cut the size of its fleet to 22-24 Boeing planes from 35 and will keep it this way for few months.
Foreign carriers to pick up staff from cash-strapped SpiceJet.
Civil Aviation Minister Ajit Singh inaugurated the 5-day long event.
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.
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.
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.
SpiceJet is planning to raise a total of $100 million for fleet expansion by the end of the current financial year, according to Siddhant Sharma, CEO of the Delhi-based budget carrier. Sharma's comments come just a day after the UK-based promoter-director of SpiceJet said he was willing to divest his 12.91 per cent stake in the airline if he got the right valuation.
SpiceJet will get $20 million from MacRitchie Investments, Singapore (a wholly-owned subsidiary of Temasek Holdings) and Istithmar, a UAE-based private equity firm.
SpiceJet has cut costs to turnaround the carrier in a year's time.
SpiceJet has reported profit in Q1, it is trying its best to improve efficiencies in FY16.
SpiceJet will begin regional operations from Tier-2 and 3 cities like Vijayawada, Tirupati, Mysore, Mangalore, Madurai, Nagpur and Indore using the Bombardier Q400 Next Gen turboprop aircraft.
The carrier is implementing a number of measures.
The chief operating officer said that the carrier will surmount the present crisis very soon.
The move comes within days of Indian Railways announcing an increase in fares from January 21.
Indian airline SpiceJet Ltd said on Thursday that its billionaire owner, Kalanithi Maran has proposed to transfer majority ownership in the ailing carrier to co-founder Ajay Singh.
In a bid to cash in on upcoming summer holiday season, low-cost carriers SpiceJet and IndiGo on Tuesday launched the fourth round of price war in the bleeding aviation sector, offering massive discounts on tickets.
Lessors of SpiceJet have in panic taken back some aircraft but if they see fresh investors coming in and taking charge, they are likely to relent and return the planes.
Amid the debate over bailout for private carrier Kingfisher Airlines, SpiceJet chief Neil Mills on Monday said the government should not use taxpayers' money to revive a private sector company.
The airline has said it isn't worried about competition in the domestic market, thanks to its spread across three passenger segments
There are rumours that Ajay Singh who previously headed SpiceJet may get an investor to bail out the airline of dire consequences.
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