The move comes within days of Indian Railways announcing an increase in fares from January 21.
The chief operating officer said that the carrier will surmount the present crisis very soon.
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.
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.
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.
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.
The four 78-seater Q400s would connect Hyderabad with 12 Tier-II and Tier-III destinations.
After FY14's record loss, SpiceJet cuts capacity, chases costs, redraws flight schedules and puts more money in marketing to attract corporate travel.
Mid-air Holi celebrations aboard eight flights have cost no-frill carrier SpiceJet heavily.
Vijay Mallya-owned private air-carrier, Kingfisher Airlines is in talks with a top former executive of the budget airline, SpiceJet to take him onboard and a final decision on the issue is expected shotly, sources said.
SpiceJet, the low-cost air carrier, on Thursday got its shareholders' approval to issue additional equity shares to promoter Kalanithi Maran, who in turn will infuse Rs 130 crore (Rs 1.3 billion) into the airline. Maran's equity holding would go up from 38 per cent to 43 per cent of the company's shares.
Budget airline SpiceJet has launched the best offer this summer.
The shareholders didn't vote against a rise in the company's authorised share capital to Rs 1,000 crore (Rs 10 billion) or the reappointment of S Natrajhen as managing director.
SpiceJet promoter Kalanithi Maran would need to invest at least Rs 1,500 crore (Rs 15 billion) almost immediately to stabilise the airline.
US aircraft maker Boeing Corp on Wednesday signed an agreement to sell ten 737-800 passenger jets, with an option to sell 10 more, to SpiceJet low-cost carrier in a deal worth $1.26 billion at list prices.\n\n
The task I had undertaken was by no stretch of imagination an easy one, says Ajay Singh.
Neil Mills, chief executive, spoke to Business Standard on its strategy and the unprecedented scheme of selling a million tickets at a base price of Rs 1.
Due to unfavourable industry prospects and given that the September quarter is traditionally a weak one, the outlook for SpiceJet is not favourable.
IndiGo and Jet Airways took the second and third rank, alternatively, during this period.
Spicejet will raise Rs 530.76 crore or Rs 5.3 billion ($118.5 million) through issue of equity shares on preferential basis to various foreign and domestic investors.
Under the offer, a corporate traveller will be entitled to one free single way ticket for every six completed one-way journeys.
To turnaround, the airline bets on heavily-discounted tickets and new overseas routes.
Following the stake sale buzz, shares of the company opened higher and further zoomed 8.51 per cent to Rs 47.80 on the Bombay Stock Exchange.
The first flight with over 150 passengers from Chennai landed here this morning as the 'cultural capital' was included in the list of one of the major low-cost airliners in India.
The airline not to be put on cash and carry mode
The airlines were penalised for 'concerted action in fixing and revising Fuel Surcharge (FSC) for transporting cargo.'
Unveiling its plans to expand fleet size to 50 aircraft by year-end, low-cost airline SpiceJet on Wednesday said it will start flights to six new foreign destinations, including Afghanistan, China and Hong Kong, by October-end.
Low fare private air carrier SpiceJet on Friday announced 'Red Hot Specials' scheme under which it would sell 9,999 seats for Rs 999 for all the six sectors it operated.
Foton Motor plans to manufacture and sell buses and trucks here.
According to analysts, the Indian aviation industry has come out of blues and this is the right time to enter the sector as it may see a complete turnaround on account of consolidation in the industry and the increased demand due to pick-up in the business activity.
Typically, the airline sells 40,000 seats a day.
A Srinagar-bound SpiceJet aircraft with 186 passengers on board landed under emergency conditions in New Delhi on Monday after Air Traffic Control learnt that it had suffered a tyre burst while taking off and asked it to return
A Srinagar-bound SpiceJet aircraft with 186 passengers on board landed under emergency conditions in New Delhi on Monday after Air Traffic Control learnt that it had suffered a tyre burst while taking off and asked it to return
Some lessors have even taken the airline to court.
Airline says it is in comfortable situation.
After doing so to Kingfisher Airlines, the Directorate General of Civil Aviation has issued showcause notices to carriers IndiGo and SpiceJet for having allegedly cancelled flights without informing passengers.
We have cleared all dues to our employees, says Ajay Singh
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