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Low cost carrier <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> is said to be in active discussion with a <keyword id="859863" type="General" weightage="50" keywordseo="middle-eastern" source="Orion">Middle Eastern</keyword> carrier for a possible stake sale. SpiceJet promoter <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> holds a stake of around 60 per cent in the budget carrier. Sources said a big Middle Eastern airline has expressed interest to pick a 24 per cent stake and a board seat in SpiceJet. A big Indian business conglomerate has also approached Singh for a stake in the airline. Reacting to the development, a <keyword id="1002649" type="General" weightage="50" keywordseo="spicejet-spokesperson" source="Orion">SpiceJet Spokesperson</keyword> said, "The company continues to be in discussions with various investors to secure sustainable financing and will make appropriate disclosures in accordance with applicable regulations." Earlier, on Tuesday, SpiceJet said that it entered into a full and final settlement with the <keyword id="54875" type="General" weightage="50" keywordseo="airports-authority-of-india" source="Orion">Airports Authority of India</keyword> (<keyword id="47439" type="General" weightage="50" keywordseo="aai" source="Orion">AAI</keyword>) and has cleared all outstanding principal dues of the airport operator. With this, SpiceJet will no longer remain on 'cash and carry' at AAI run airports across the country and will revert to advance payment mechanism for daily flight operations. SpiceJet's ability to clear the pending dues reflects the airline's improved cash flow in recent times. SpiceJet's domestic network covers the length and breadth of the country with the airline operating to 51 domestic destinations. <keyword id="16140" type="General" weightage="50" keywordseo="pioneer" source="Orion">Pioneer</keyword> of the regional connectivity scheme, SpiceJet is the country's largest regional player helping connect the remotest parts of the country by air. The airline's focus on providing direct flight connectivity to regional hubs not only ensures better connectivity, it also has a cascading effect on tourism and economic activity in the region. SpiceJet has added multiple <keyword id="6366656" type="General" weightage="50" keywordseo="udan" source="Orion">UDAN</keyword> destinations to the country's aviation map including Pakyong, Jharsuguda, Kandla, Darbhanga, Kanpur, Ajmer (<keyword id="194159" type="General" weightage="50" keywordseo="kishangarh" source="Orion">Kishangarh</keyword>), among others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/sun-pharma-chairperson-israel-makov-to-retire-on-august-29/articleshow/93314360.cms">Sun Pharma Chairperson Israel Makov to retire on August 29</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/surgeons-use-virtual-reality-to-separate-twins-with-conjoined-heads-in-a-27-hour-long-surgery/articleshow/93314424.cms">Surgeons use virtual reality to separate twins with conjoined heads in a 27-hour-long surgery</a>

SpiceJet in active discussion with Middle Eastern carrier for a possible stake sale

Budget carrier SpiceJet on Monday said its subsidiary <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> and Logistics will receive USD 100 million investment from a UK-based group. SpiceJet, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress. Also, last week, the airline said it has no plans to file for insolvency and would invest USD 50 million to revive 25 grounded planes. The United Kingdom-based SRAM &amp; MRAM Group will invest USD 100 million in SpiceXpress. Both sides have signed a Memorandum of Understanding (MoU) as part of the investment deal, the airline said in a release on Monday. The MoU also comes after a debt restructuring agreement between the carrier and aircraft lessor Carlyle Aviation Partner wherein the latter bought a stake in SpiceXpress at an anticipated future valuation of USD 1.5 billion (Rs 12,422 crore). SpiceJet Chairman and Managing Director Ajay Singh said the USD 100 million investment should help SpiceXpress to grow further and expand and provide a more streamlined and efficient service to its customers. SRAM &amp; MRAM Group has interests in agricultural and agro-food products, neural networks, artificial intelligence, hedge fund management, hospitality services and solutions, media and publishing, among other areas. So far this month, lessors have sought deregistration of five SpiceJet planes, a development that also comes against the backdrop of crisis-hit rival Go First shuttering operations and going for resolution proceedings under the insolvency law. SpiceJet stock was trading at Rs 30.27, up 2.33 per cent on BSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fii-inflows-may-remain-consistent-in-may-with-turn-in-rate-cycle/articleshow/100234813.cms">FII inflows may remain consistent in May with turn in rate cycle</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a>

SpiceJet subsidiary SpiceXpress to get USD 100 mn from UK group

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> CEO <keyword id="6357826" type="General" weightage="80" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> on Thursday said there is a need for "more rational airfares" in the country even as he tried to assuage concerns of a hike in airfares as a consequence of competitor Go First filing for voluntary insolvency by terming it a "temporary phenomena". He termed the Go First development as "extremely unfortunate" and expressed hope that the airline can use this opportunity to resolve their issues. Asked about concerns on hike in airfares as a consequence of competitor Go First filing for voluntary insolvency, the SpiceJet chief said: "Those are temporary phenomena". "Of course when there is a mismatch of supply and demand, airfares will go up but this settles quite nicely as you would have seen the last time an airline went down there was a temporary period of mismatch and the capacity came into the system and fares were back to normal," Singh said. He further said that while the era of low airfares has helped in boosting air travel in this country, sometimes it has also led to difficulties for airlines as is evident for all to see. He observed that more rational airfares are required in the country and hoped that the fares will be more rational in the times to come. Speaking to reporters on the sidelines of an Assocham event, Singh, who is also the President of the industry body, said it was "Not at all likely" that the aviation sector will be affected by one airline going down. "You will see that the number as on April 30, we had 4,50,000 people who travelled by air, that was a record number. At no time in the past has <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> seen such a record number of people travelling by air and you will see the numbers bounce back really really quickly," he said. Asked how he looks at the development in the aviation sector (of an airline going down), he said: "It is of course extremely unfortunate but hopefully Go First can use this opportunity to resolve their issues and the sector at large can use this opportunity to resolve their issues and emerge even stronger". On SpiceJet's plan to add 25 aircraft to its fleet, he said: "During <keyword id="8764262" type="General" weightage="50" keywordseo="covid" source="Orion">Covid</keyword>, several of our aircraft had gone down and with increase in demand, we want to revive all those aircraft and there are so many small stations that have been left unconnected or less connected as a consequence of the problems that occurred during Covid. We hope to bring back all those flights and increase frequency to several destinations around the world". Budget carrier SpiceJet on Wednesday said it is working to revive 25 grounded planes and has so far mobilised Rs 400 crore for revival of these aircraft. The announcement came a day after competitor Go First filed for voluntary insolvency resolution proceedings and decided to cancel flights for three days starting May 3. In a statement, SpiceJet said funds for the revival of the 25 aircraft will be drawn from the government's Emergency <keyword id="9331772" type="General" weightage="50" keywordseo="credit-line-guarantee-scheme" source="Orion">Credit Line Guarantee Scheme</keyword> (ECLGS) and better cash accruals. The airline has around 80 planes in its fleet and is looking to revive 25 grounded Boeing 737 and Q400 aircraft. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/ajay-banga-as-world-bank-president-adds-to-success-stories-of-the-indian-americans-usispf/articleshow/99984193.cms">Ajay Banga as World Bank President adds to success stories of the Indian Americans: USISPF</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/arcelormittal-q1-net-income-falls-over-73-to-usd-1096-mn/articleshow/99983996.cms">ArcelorMittal Q1 net income falls over 73% to USD 1,096 mn</a>

Rise in airfares due to Go First's bankruptcy is temporary says SpiceJet CEO

Budget carrier <keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword> on Thursday said it has reached an in-principle commercial settlement with Credit Suisse. The dispute was about the payment of $24 million by SpiceJet to Credit Suisse. It had emanated out of an old service contract which was executed in 2011, which was later discovered to be lacking certain approvals leading to the dispute between the two parties. At the request of both parties, the Supreme Court on January 28, 2022 stayed the Madras High Court order against SpiceJet to facilitate settlement. The airline said that the documentation process of the settlement terms is underway. Notably, the process involves payment of the settlement amount by SpiceJet to Credit Suisse over a mutually agreed period of time. "The settlement with Credit Suisse follows SpiceJet's successful settlements with De Havilland Aircraft of Canada Limited (DHC), Boeing, aircraft lessors CDB Aviation and Avolon," the airline said in a statement. "SpiceJet had already deposited $5 million on the direction of the Hon'ble Madras High Court in the Credit Suisse case and there is no adverse financial liability on the company." SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-may-soon-become-the-third-largest-credit-card-player-after-hdfc-bank-and-sbi-post-the-citibank-deal/articleshow/90563751.cms">Axis Bank may soon become the third largest credit card player after HDFC Bank and SBI post the Citibank deal</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-and-gautam-adanis-net-worth-is-now-more-than-100-billion/articleshow/90564692.cms">Mukesh Ambani and Gautam Adani are now worth more than $100 billion</a> <a href="https://www.businessinsider.in/tech/news/dysons-new-headphones-with-an-air-purifier-bank-on-peoples-masking-habits/articleshow/90561834.cms">Dyson's new headphones with an air purifier bank on people’s masking habits</a>

SpiceJet settles $24 million financial dispute with Credit Suisse

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>, which is facing headwinds, on Wednesday reported widening of net loss to Rs 789 crore in the June quarter as high fuel prices and rupee depreciation adversely impacted the budget carrier. Amid the financial turmoil, the airline plans to raise USD 200 million, which is around Rs 1,600 crore at current exchange rates and expects to complete the hiving-off of its profitable cargo business into a separate company in the current quarter. In continuing woes for the carrier, aviation watchdog DGCA on Wednesday deregistered two more <keyword id="6357957" type="General" weightage="50" keywordseo="boeing" source="Orion">Boeing</keyword> 737 planes of SpiceJet, following non-payment of dues to lessors. With the latest deregistration, a total of six Boeing 737 aircraft of the budget carrier have been deregistered in August. The crisis-hit airline has also delayed payment of salaries to staff for the second straight month. However, SpiceJet said it has started crediting salaries from today and like the previous month, "salary will be credited in a graded format". Moreover, in the independent auditor's review report of the airline's latest quarterly results, it has been mentioned that there are indications of material uncertainties "that may cast significant doubt about the group's ability to continue as a going concern". On Wednesday, the airline also said that its Chief Financial Officer Sanjeev Taneja has resigned. The low-cost carrier had a net loss of Rs 729 crore in the quarter ended June 2021. In the latest June quarter, the net loss is Rs 420 crore, excluding forex adjustment. "Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore, a year-on-year growth of 126 per cent, in the same quarter of the previous year," the airline said in a release. The airline, which had delayed its March quarter and FY2022 earnings, saw its net loss widen to Rs 458 crore in the 2022 March quarter from Rs 235.3 crore in the year-ago period. For the full fiscal year 2021-22, the net loss surged 73 per cent to Rs 1,725 crore from Rs 998.30 crore in the comparable period. According to the airline, business was severely impacted by the third wave of the coronavirus pandemic and high fuel prices in the March quarter. SpiceJet Chairman and Managing Director <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> said the industry has been witness to one of the most severe operating environment in the recent past, which impacted the progress and recovery made in the third quarter of FY2022. In the June quarter, jet fuel prices rose 105 per cent on a year-on-year basis and 40 per cent on a sequential basis, the airline said. "We are optimistic about our future and our continued recovery and in order to achieve our future plans, the board has mandated fresh capital issuance and the company will be shortly engaging with investment bankers for a potential raise of up to USD 200 million," he said. The airline's cargo arm <keyword id="6866514" type="General" weightage="50" keywordseo="spicexpress" source="Orion">SpiceXpress</keyword> was in black during the first quarter of the current fiscal. It reported a net profit of Rs 18 crore. Cargo revenues rose 74 per cent to Rs 1,944 crore in FY2022. "We will soon conclude the hive-off of cargo business into a separate independent company, SpiceXpress in the current quarter which will be followed by capacity enhancement with additional freighter aircraft within FY2023," Singh said. Meanwhile, certain concerns have been flagged in the independent auditor report of the company's quarterly results. "... the group has an incurred net loss (after other comprehensive income) of Rs 7,827.82 million during the quarter ended 30 June 2022 and, as of that date, the group's accumulated losses amounts to Rs 67,471.11 million, which have resulted in complete erosion of its net worth and the current liabilities have exceeded its current assets by Rs 67,719.67 million as at 30 June 2022," it said. According to the report, these conditions and other matters indicate the existence of a material uncertainties that may cast significant doubt about the Group's ability to continue as a going concern. Singh said that despite the complex operating environment and highest-ever input costs, SpiceJet has been able to sustain its operations. "Last year was a period of restructuring and settlements and we successfully completed and implemented settlements with most of our major partners, including manufacturers and lessors setting the stage for our seamless growth and expansion. "As we move ahead, we are encouraged with the strong travel demand and our focus for the next year would be to induct more fuel-efficient Boeing 737-8 MAX aircraft and concentrate on our regional and international routes," he added. In recent months, SpiceJet has been facing turbulent times, including financial headwinds. In July, the regulator directed the airline to operate only 50 per cent of flights in the wake of many of its planes facing technical issues. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/airfares-may-get-costlier-this-festive-season-as-theres-no-cap-ticket-prices-from-now/articleshow/93917729.cms">Airfares may get costlier this festive season as there's no cap ticket prices from now</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-multi-cap-fund-has-survived-the-worst-market-cycles-and-yet-delivered-the-highest-returns/articleshow/93914048.cms">This multi-cap fund has survived the worst market cycles and yet delivered the highest returns</a>

SpiceJet net loss widens to ₹789 crore, CFO resigns

Budget carrier <keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword> will operate a special flight to Budapest, Hungary to evacuate stranded Indians. The airline will operate a special evacuation flight to bring back stranded Indians, who managed to find their way out of the hostilities between Russia and Ukraine. Hungary shares a land border with Ukraine, many Indian nationals, including students have made their way to the border. The airline will use its Boeing 737 MAX aircraft for this special flight. "The aircraft will fly to Budapest from Delhi and the return fight will operate via Kutaisi, Georgia," the airline said in a statement. "SpiceJet is planning to operate more evacuation flights and is in discussion with concerned authorities." Till now, Tata Group-led Air India has been operating flights to Bucharest, Romania and Budapest, Hungary. These flights being are operated as special government charters to bring back stranded Indians. Earlier, Air India operated direct special flights to Kiev but it had to stop these operations due to a NOTAM (Notice to Airmen) issued over the closure of Ukrainian air space. One of Air India's flight bound for Kiev from New Delhi returned to the national capital's IGI Airport after NOTAM was announced at Kiev airport on last Thursday. Last Tuesday, the airline had carried out the first of its special flight operations ferrying Indian citizens from Ukraine. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/as-long-as-mukesh-ambani-is-there-to-rescue-the-market-doesnt-care-about-future-retails-financial-stress/articleshow/89886569.cms">As long as Mukesh Ambani is there to rescue, the market doesn't care about Future Retail's financial stress</a> <a href="https://www.businessinsider.in/business/startups/news/indian-startups-like-dunzo-swiggy-dealshare-raised-8-billion-in-january-and-february-2022/articleshow/89890583.cms" data-type="tilCustomLink">Indian startups raised around $1 billion a week in January and February</a> <a href="https://www.businessinsider.in/stock-market/news/sensex-falls-sharply-on-worsening-russia-ukraine-war-hdfc-bank-axis-bank-eicher-motors-among-biggest-losers/articleshow/89886018.cms">Markets remain worried as energy rich Russia faces harsh sanctions from western countries</a>

SpiceJet to operate special flight to Budapest to rescue Indians amidst Russia-Ukraine conflict

<keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s budget carrier <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword> has once again reignited airfare war. The low-cost airline is offering an ‘early bird sale’ for next year starting at Rs 499. This sale offer is valid for travel date between January 16 and October 24, 2015. In order to avail this special fare scheme, the tickets are to be booked from today (September 1, 2014) till September 3, 2014.
 

	As per a press release from SpiceJet, the discounted tickets are available for destinations across India. The offer is applicable on all direct, via and connecting flights on the airlines' domestic network.
 

	Notably, this interesting offer by SpiceJet is available on first-come-first-served basis. However, it is invalid for group bookings. One can book his/her tickets by browsing through the airlines website, online travel portals and through travel agents, too.
 

	Last week, SpiceJet had announced a festival season sale offering tickets starting at Rs 1,888. 
	(Image: Wikipedia)

Planning A Trip In 2015? Book Your SpiceJet Ticket At Rs 499 Right Away

In a bid to boost its market share, <keyword id="2488821" type="UNKNOWN" weightage="20" keywordseo="budget-carrier-SpiceJet">budget-carrier SpiceJet</keyword> today (Monday) announced a festive season sale. The airline is offering fares for as low as Rs 1,888. 
 
Under the scheme, flyers can avail the festive season offer to book their tickets starting August 25, 2014 till August 27, 2014 to travel across India. It is important to note that the offered fare is valid for travel between September 25, 2014 to January 15, 2015. 
 
Notably, tickets booked under this festive offer are non-refundable and non-changeable. Only taxes and fees charged for the tickets can be refunded. Also, this offer is available on first-come-first basis. 
 
Interestingly, the low-cost airline is also waiving the convenience fee for customers booking tickets using internet banking through its official website. So what are you waiting for? Quickly plan a trip to avail this festive season offer. (Image: <keyword id="71187" type="COMPANY" weightage="60" keywordseo="Wikipedia">Wikipedia</keyword>)

You Searched For "Budget carrier SpiceJet" and got 8 results

SpiceJet in active discussion with Middle Eastern carrier for a possible stake sale

IANS

SpiceJet subsidiary SpiceXpress to get USD 100 mn from UK group

PTI

Rise in airfares due to Go First's bankruptcy is temporary says SpiceJet CEO

PTI

SpiceJet settles $24 million financial dispute with Credit Suisse

IANS

SpiceJet net loss widens to ₹789 crore, CFO resigns

PTI

SpiceJet to operate special flight to Budapest to rescue Indians amidst Russia-Ukraine conflict

IANS

Planning A Trip In 2015? Book Your SpiceJet Ticket At Rs 499 Right Away

BI India Bureau

SpiceJet Reignites ‘Festive Season’Fare War, Offers Tickets Starting At Rs 1,888

BI India Bureau

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