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.
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.
Earlier, PE firms such as Goldman Sachs and Indigo Partners had evinced interest in the Indian aviation market.
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.
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.
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.
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.
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.
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.
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.
Reliance Industries Ltd is likely to import jet fuel for SpiceJet.
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.
Crisis-hit SpiceJet hopedul of a turnaround.
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
Scindia claimed Tharoor is "lost in his esoteric world of thesaurus", and for him "data mining of selective press articles from the internet qualifies as "research".
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.
With low-visibility conditions significantly disrupting flight operations at the Delhi airport, Civil Aviation Minister Jyotiraditya Scindia on Monday said all stakeholders are working round-the-clock to minimise fog-related impact as well as passenger inconvenience, and asserted that unruly passenger behaviour is unacceptable.
To understand Modi, listen to what he does not say -- vide NRC, suggests Prem Panicker.
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.
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 to add 7 planes; another Rs 500 cr infusion in April.
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.
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.
Civil Aviation Minister Ajit Singh inaugurated the 5-day long event.
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.
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
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 reported profit in Q1, it is trying its best to improve efficiencies in FY16.
SpiceJet has cut costs to turnaround the carrier in a year's time.
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