Airlines Financial News

₹1,340 crore) is being sought if the allegations hold up in court. Joyce, who served at the helm for 15 years, stated that the recent focus on the airline and past incidents convinced him that it was time for the company to prioritise its rejuvenation.

InterGlobe Aviation: IndiGo Airlines board of directors have approved an additional purchase of 10 A320 NEO family aircraft from French aircraft maker Airbus. The order for ten more aircraft adds to the already placed order for 300 aircraft, as per the company filing. IndiGo in 2019 had placed a record order of over 300 Airbus A320 NEO family aircraft worth around $33 billion at notional catalogue prices with France's Airbus.

Fly Bharathi Aviations and Aeronautics Pvt Ltd, which was incorporated as a company last month, on Monday said it has signed a preliminary pact with UK-based SRAM and MRAM Group for investments worth USD 1.8 billion. In a statement, the company also claimed that it has acquired a majority stake in an existing airline, and was in talks to buy a majority stakes in one more Indian airline and two international airlines. The company has already acquired a majority stake in an existing airline to start the operations, the statement claimed. Specific details were not disclosed. The company has signed a Memorandum of Understanding (MoU) with SRAM and MRAM Group for investments to the tune of USD 1.8 billion.

By Gibran Naiyyar Peshimam

NEW DELHI : Low-cost carrier SpiceJet has announced the allotment of 4.81 crore of equity shares on a preferential basis to nine of its aircraft lessors to clear outstanding ₹231 crore dues, the company announced through a statement filed with BSE today. Reportedly, the allotment committee of the board of directors of the company at its meeting passed several resolutions, including a ₹2,500 crore fundraiser and a preferential issue of shares to lessors at an issue price of ₹48 each to clear its outstanding dues.

Air India Express, which is in the process of getting merged with AIX Connect, will unveil its new brand in the next couple of months, and will also be expanding its fleet as well as network. In a virtual-cum-physical town hall meeting with the staff of Air India Express and AIX Connect on Monday, its Managing Director Aloke Singh also mentioned about the vision for the combined entity and emphasised on meaningful market presence and cost-efficiencies. The two airlines are part of the Tata Group. The new brand of Air India Express is expected to be unveiled within the next couple of months, Air India said in a release. According to Singh, the vision encapsulates the key differentiators of making meaningful connections, delivering unique experiences and providing best-in-class value with Indian warmth.

₹231 crore, the company announced through a statement filed with the BSE here today. Reportedly, the shareholders of the company at its meeting passed several resolutions, including a ₹2,500 crore fundraiser and a preferential issue of shares to lessors at an issue price of ₹48 each to clear its outstanding dues.

SpiceJet on Monday said it allotted over 48 million shares to nine aircraft lessors to clear outstanding dues worth 2.31 billion rupees (nearly $28 million), as the troubled airline looks to return to full operations. The carrier's shareholders had on Thursday passed a number of resolutions, including a 25 billion rupees fundraise and a preferential issue of shares to lessors to clear outstanding dues.SpiceJet has been scrambling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector. The fund crunch and grounded fleet has eroded SpiceJet's market share to 4.2% as of July — lower than that of new entrant Akasa, which only began commercial operations in August 2022. SpiceJet, which in February converted around $100 million in dues to aircraft lessor Carlyle Aviation into equity and debentures, still finds itself in legal battles with other lessors over dues. Moreover, two weeks back, an Indian court ordered the airline to pay $12 million by Sept.

InterGlobe Aviation Ltd, the parent company of India's largest airline, IndiGo, granted approval for the establishment of a Venture Capital division on Monday. «This new division's primary focus will be investing in early-stage companies operating in aviation and related consumer sectors, such as travel, lifestyle, hospitality, and transportation,» said an airline official. The company officially announced in a filing to the stock exchanges that its Board of Directors has given the green light for the incorporation of a Private Limited Company, initially funded with Rs 30 crore. The airline's board has endorsed this investment, which will be established within the Special Economic Zone at Gujarat International Finance Tec-City, as detailed in the exchange filing. Additionally, the airline's board has approved the issuance of corporate guarantees, amounting to a maximum of USD 996 million, to ensure the financial obligations of the aforementioned wholly-owned subsidiary. «In compliance with Regulation 30 and other applicable regulations of the SEBI LODR Regulations, we wish to inform that the Board of Directors of the Company, at its meeting held today, September 4, 2023 (staring time: 10.30 a.m., closing time: 12.30 p.m.), has approved, incorporation of a wholly owned subsidiary of the Company, investment up to Rs 30 crores in one or more tranches, issuing corporate guarantees of up to USD 996 million (or an equivalent amount in Indian Rupees or any other currency) to secure the payment obligations of aforesaid wholly owned subsidiary,» it said in the BSE filing. Gaurav Negi, the airline's Chief Financial Officer, had previously disclosed the creation of this venture while addressing participants during a post-earnings

IndiGo Airlines board of directors have approved an additional purchase of 10 A320 NEO family aircraft from French aircraft maker Airbus. The order for ten more aircrafts adds to the already placed order for 300 aircraft, as per the company filing. IndiGo in 2019 had placed a record order of over 300 Airbus A320 NEO family aircraft worth around $33 billion at notional catalogue prices with France's Airbus.

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₹40,545 to ₹58,565, beginning from September 14. These reduced fares are expected to remain in the range of ₹17,885 to ₹21,444 and stable until November 1. Afterwards, fares are anticipated to rise again, coinciding with the festival season and the New Year rush.

In 2009-10, India’s civil aviation sector, including both scheduled and non-scheduled airlines, recorded just under 44 billion revenue passenger kilometre (RPK) - the total distance flown multiplied by the total number of fare-paying passengers. In 2022-23, Indigo airlines alone recorded more than double that figure, a staggering 93.9 billion RPK. That is a telling statistic that underlines the radical transformation of India’s civil aviation industry.

The competition watchdog says the Albanese government should act on recommendations to overhaul how take off and landing slots are managed at Sydney Airport, the country’s busiest, backing the findings of a review conducted by former productivity commissioner Peter Harris and calls from airlines and airports.

A post shared by Ayush Kejriwal (@designerayushkejriwal) Sharing the details of his mother's travel, Kejriwal said that she was traveling from Delhi to Kolkata on 31 August. He added that they chose an assisted travel plan, as per which she will be assisted throughout her journey to Kolkata. But when the flight reached Kolkata, everybody got off and his mother was told to wait, he alleged, adding, that despite her mother patiently waiting no one came for her.

Go First and Jet Airways airlines, as both have now lost their airline codes for being non-operational, reported the Financial Express. The two-letter designator codes G8 and 9W, assigned by the International Air Transport Association (IATA), a global trade association of the world’s airlines, stand withdrawn for both airlines. «One of the requirements for a company to be eligible for an IATA two-letter designator is that the airline needs to be operating,» FE quoted the head of communications at IATA as saying. «As Go First ceased to operate commercial flights in early May 2023, it is currently not eligible for the IATA two-letter designator. The same applies to the 9W designator as well,» he further added. The withdrawal of the airline code would lead to disruptions in ticketing, reservations, and baggage handling operations for these airlines.

TAIPEI (Reuters) -Domestic flights were cancelled and almost 4,000 people were evacuated as Typhoon Haikui barrelled into southeastern Taiwan on Sunday bringing torrential rain and strong winds.

Financial Express. The head of communications at IATA said that an airline needs to be operational for the basic eligibility for an IATA two-letter designator.

Tata Sons Pvt. Ltd acquiring some shares in the merged entity Air India subject to compliance of voluntary commitments offered by the parties. The transaction also involves acquisition of additional shares in the merged entity by Singapore Airlines in a preferential allotment.

Taiwan girded for the arrival of Typhoon Haikui on Sunday, which is expected to bring torrential rain and strong winds to the island's south and east. Haikui is forecast to make landfall in the mountainous and sparsely populated far southeast of Taiwan late Sunday afternoon, with counties and cities in the east and south cancelling classes and declaring a day off for workers. Haikui is a much weaker storm than Typhoon Saola which hit Hong Kong and the southern Chinese province of Guangdong on Saturday.

domestic flights and the evacuation of nearly 3,000 individuals. The typhoon is anticipated to bring heavy rainfall and powerful winds to the southern and eastern regions of the island. Haikui is predicted to hit the remote and thinly populated southeastern part of Taiwan, characterized by mountainous terrain, during late Sunday afternoon.