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New Delhi: Aviation safety regulator the Directorate General of Civil Aviation (<keyword id="19899185" type="General" weightage="20" keywordseo="DGCA" source="keywords">DGCA</keyword>) has placed <keyword id="19987725" type="General" weightage="100" keywordseo="SpiceJet" source="keywords" meta.keywordsubtype="org" meta.entityname="SpiceJet" meta.hostid="83" meta.entityid="SpiceJet">Spicejet</keyword> under '<keyword id="20073402" type="General" weightage="20" keywordseo="enhanced-surveillance" source="keywords">enhanced surveillance</keyword>' with immediate effect. A senior DGCA official said that based on reports of cancellation of flights and financial stress being experienced by <keyword id="22971642" type="General" weightage="20" keywordseo="spicejet-airlines" source="keywords">Spicejet Airlines</keyword>, a special audit of Spicejet engineering facilities was conducted on the August 7 and Auugst 8, 2024, which has revealed certain deficiencies. Following a series of occurrences reported on the Spicejet fleet in 2022, a special drive of spot checks was undertaken during which Spicejet was permitted to release aircraft for operations only after confirming to DGCA that all reported defects/malfunctions had been rectified. During the year 2023, based on reports of the airline being under financial stress, it was again placed under enhanced surveillance. In light of the past record and the special audit carried out in August 2024, Spicejet has once again been placed under enhanced surveillance with immediate effect. This would entail an increase in the number of spot checks and night surveillance with a view to ensure safety of operations. According to reports, the airline's passengers were on Thursday barred from checking-in for their flights at Dubai airport over delayed payments. On reports of cancellation of Spicejet flights from Dubai, the airline spokesperson said, "Due to operational reasons, a few SpiceJet flights from Dubai were cancelled. Affected passengers have been accommodated on subsequent SpiceJet flights, on other airlines or provided with a full refund. All our scheduled flights from Dubai are now operating as planned."

DGCA places Spicejet under enhanced surveillance after conducting special audit

<keyword id="19987725" type="General" weightage="100" keywordseo="SpiceJet" source="keywords" meta.keywordsubtype="org" meta.entityname="SpiceJet" meta.hostid="261" meta.entityid="SpiceJet">SpiceJet</keyword>'s Chairman, <keyword id="19916067" type="General" weightage="20" keywordseo="Ajay-Singh" source="keywords">Ajay Singh</keyword>, is considering selling over 10 percent of his stake in the airline as part of a crucial <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> effort set to conclude by the end of September, a PTI report says. The <keyword id="20376051" type="General" weightage="20" keywordseo="budget-airline" source="keywords">budget airline</keyword> is facing significant hurdles, including financial troubles, legal issues, and grounded aircraft, and is in urgent need of capital to meet its obligations. A source told PTI that Singh may sell as much as 15 percent of his stake, depending on market conditions. Another source told the news aggregator that Singh, who serves as both Chairman and Managing Director, will likely sell around 10 percent of his shares, though the amount could increase if necessary. SpiceJet is currently in talks with investors, both in India and abroad, for a Qualified Institutional Placement (QIP), with commitments already made for up to Rs 2,000 crore. These funds are expected to help the airline cover operational expenses and address its various liabilities. While no official statement has been made by SpiceJet, insiders expect the funding round to be wrapped up by the end of September. As of June 2024, Ajay Singh and the promoter group held just over 47% of the airline, according to data from the Bombay Stock Exchange (BSE). SpiceJet, which once had a fleet of 74 aircraft in 2019, now operates only around 20 planes. In a recent investor presentation, the airline announced plans to raise Rs 3,200 crore through QIP, warrants, and capital infusion by Singh. This cash will be used to bring grounded planes back into service, settle liabilities, acquire new aircraft, and cover other general expenses. The airline aims to secure Rs 2,500 crore through QIP and an additional Rs 736 crore from previously issued warrants and funds infused by Singh, as detailed in the presentation. Earlier this year, in January, SpiceJet raised Rs 1,060 crore through preferential issues, falling short of its initial goal of Rs 2,250 crore set in December 2023.

SpiceJet’s Ajay Singh might sell stake to raise funds for airline

Crisis-hit <keyword id="19987725" type="General" weightage="20" keywordseo="spicejet" source="keywords">SpiceJet</keyword> plans to hand out pink slips to at least 1,000 employees in the coming days as the airline works to significantly reduce costs and streamline operations of its depleted aircraft fleet, officials said on Monday. Faced with financial woes, legal battles and other headwinds, the no-frills carrier might ask more staff to leave as there is excess manpower now compared to the number of planes in service. A final decision on the quantum of layoffs is expected this week, one of the officials in the know said. When contacted, a SpiceJet spokesperson said the airline has initiated several measures, including manpower rationalisation, for achieving profitable growth but did not provide any numbers. The airline has around 9,000 employees and is now looking at reducing the strength by 10-15 per cent, the official said, adding that layoffs are necessary to reduce the overall costs and annual savings could be up to Rs 100 crore. A reduction of 15 per cent would mean around 1,350 people will lose their jobs. The second official in the know said that layoffs are expected across departments and the final list is being prepared. People from the management and consultancy are working on chalking out the contours of letting staff leave, and all the departments have been asked to give their inputs, the official added. There was no official comment from SpiceJet on the proposed job cuts. The second official explained that the airline has stopped operations on certain RCS (Regional Connectivity Scheme) routes and at those stations, there is excess manpower, especially staff with lower salaries. Relocating such people will be a challenge, the official noted. Currently, SpiceJet has a fleet of little over 30 aircraft apart from 10 planes that are on wet lease. "As part of our turnaround and cost-cutting strategy, following the recent fund infusion, SpiceJet has initiated several measures, including manpower rationalisation, aimed at achieving profitable growth and positioning ourselves to capitalise on the opportunities in the Indian aviation industry. "Through this initiative alone, we anticipate an annual saving of up to Rs 100 crore," the airline spokesperson said in a statement. During a meeting with the airline's senior officials last month, SpiceJet Chairman and Managing Director <keyword id="19916067" type="General" weightage="20" keywordseo="ajay-singh" source="keywords">Ajay Singh</keyword> emphasised the importance of judicious spending and that he will personally oversee all major expenditures. The carrier will prioritise fleet upgrades, enhance on-time performance and cost-cutting measures will be implemented to streamline operations, according to an internal note last month. SpiceJet, which has undergone multiple ownership changes since inception and is currently helmed by Ajay Singh, is in the process of raising funds from various investors. On January 26, the carrier announced that it has received Rs 744 crore as the first tranche of the total Rs 2,250 crore proposed to be raised through the issuance of securities on a preferential basis. There were reports that there has been a delay in raising the requisite funds. The airline has also availed funds worth around Rs 1,000 crore under the government's Emergency <keyword id="20097541" type="General" weightage="20" keywordseo="credit-line-guarantee-scheme" source="keywords">Credit Line Guarantee Scheme</keyword> (ECLGS) and Singh has committed to infuse Rs 500 crore. In recent times, SpiceJet also witnessed lessors taking legal recourse to take back their leased aircraft due to non-payment of dues. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> is one of the world's fastest growing civil aviation markets and the domestic air traffic is on an upward trajectory. However, SpiceJet has been struggling for sometime now. In 2023, the carrier flew 83.90 lakh passengers and had a domestic market share of 5.5 per cent. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/wd-black-sn850x-ssd-review/articleshow/107557627.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/wd-black-sn850x-ssd-review/articleshow/107557627.cms" target="_blank">WD Black SN850X SSD review – a reliable gaming SSD</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-review/articleshow/106961567.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-open-review/articleshow/106961567.cms" target="_blank">OnePlus Open review – Feature-packed foldable in a premium design</a><a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/vivo-x100-review-top-end-camera-centric-smartphone-with-sleek-design/articleshow/106539033.cms" target="_blank">Vivo X100 review – Top-end camera centric smartphone with sleek design</a>

Crisis-hit SpiceJet plans to hand out pink slips to at least 1,000 employees

<ul><li>Very few stocks have withstood the recent mid-March market correction like <keyword id="19899182" type="General" weightage="20" keywordseo="indigo" source="keywords">IndiGo</keyword> did.</li><li>Sector experts believe that with <keyword id="20517074" type="General" weightage="20" keywordseo="gofirst" source="keywords">GoFirst</keyword> and <keyword id="19987725" type="General" weightage="20" keywordseo="spicejet" source="keywords">SpiceJet</keyword> in trouble, the industry is moving towards a ‘cosy duopoly’.</li><li>IndiGo is expanding its capacity, adding more routes and aiming to double in size by 2030. </li></ul>Be it large or small cap, very few stocks have withstood the recent market correction that kickstarted on March 13. IndiGo belongs to a rare club of stocks that has slowly yet steadily risen even in a market where investors were getting disillusioned. It has run up by 13% in a sideways market in the last one month, and has also hit a lifetime high recently. Over the last one year, it has given a tad over 94% returns to its investors. On Wednesday, an IndiGo aircraft grazed the wings of <keyword id="19923231" type="General" weightage="20" keywordseo="air-india-express" source="keywords">Air India Express</keyword> at the <keyword id="19896626" type="General" weightage="20" keywordseo="kolkata" source="keywords">Kolkata</keyword> airport, prompting the launch of a probe from the Directorate General of Civil Aviation (DGCA). Such on-ground incidents can lead some volatility for the stock, but its long-term prospects seem bright, say brokerages. Growing market The rationale behind the rising bets on this aviation stock appears strong. The travel bug that’s bitten Indians during the post-pandemic era refuses to die down. Most sectoral analysts believe that the number of air travellers can grow from 225 million (expected) in 2024 to as much as 510 million by FY30. “Indigo expects demand to remain robust with passenger traffic likely to grow 2.3x led by a shift in traffic from railways to airlines, accelerated airport expansion (<keyword id="19932272" type="General" weightage="20" keywordseo="navi-mumbai" source="keywords">Navi Mumbai</keyword> and Delhi airports), rise in passport holding passengers and increase in connectivity to neighbouring countries,” says a report by Nuvama. Moreso, metro to non-metro travel is also gaining traction, which can add to the passenger growth momentum. The number of domestic airports is expected to rise from 140 to 220. The cherry on the top of the cake is that the market is gravitating towards a ‘cosy’ duopoly after GoFirst’s grounding last year and SpiceJet’s ongoing financial troubles. Fewer players – dominated by IndiGo and Air India — means more pricing discipline which can drive yields over the long term. “Since the entire fleet of Go First is expected to stay grounded and Spice Jet’s operational capacity is also likely to fall by 70% by March 2024, the industry shall have two large players with a combined domestic market share of around 75%. IndiGo is likely to benefit from market share gains across categories amid weakening of small players,” says Nuvama. Going global Along with domestic growth, India itself has plans to become an aviation hub which can benefit its aviation players. “Strong focus on international expansion continues and company (Indigo) as well as Indian regulators believe India can become an important global hub for international-to-international travel travel, akin to the Middle East,” said a research report by UBS. Indigo, which already has over 60% market share in the domestic market is at a unique position to expand internationally too. “An airline with double of today's size, global reach and footprint by the year 2030. That is the ambitious target,” Indigo CEO Pieter Elbers told PTI in an interview on Wednesday. The company is also increasing its capacity by anywhere between 11-13% in FY25. It’s in the process of adding wide body aircraft ie. A321 XLRs to cover mid to long haul markets. These aircraft are expected to be in service over the next two years. “The company expects its international segment’s share to rise to around 30% by FY25E from around 27% currently,” says Nuvama. Moreover, it has increased its codeshare destinations (in agreement with other airlines) to 49 – 35 within Europe and seven within Australia. Its destinations in general are at 121, with 33 in Asia and 88 in India. “We maintain our positive stance on Indigo considering strong growth prospects of the Indian aviation industry, share gains in international travel, efficient cost structure and operational excellence,” says UBS. Even as it has around 70 aircraft grounded due to issues with Pratt &amp; Whitney engines and more, it’s not too much of a dampner, believe brokerages. As per management commentary, grounded aircraft will remain at current levels for the next 1-1.5 years, and will see a sharp decline after that. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

IndiGo stock to soar on a cosy duopoly and an expanding market, say brokerages

New Delhi, Aviation watchdog <keyword id="19899185" type="General" weightage="20" keywordseo="dgca" source="keywords">DGCA</keyword> has deferred the implementation of the revised flight duty norms for pilots that were to be effective from June 1, according to two civil aviation ministry officials. One of the officials on Tuesday said the revised norms have been deferred for some time to have wider consultations. The new norms provide for more rest time for pilots and seek to alleviate pilot fatigue. The latest decision comes less than two weeks after the <keyword id="19926254" type="General" weightage="20" keywordseo="directorate-general-of-civil-aviation" source="keywords">Directorate General of Civil Aviation</keyword> (DGCA) told airlines that the deadline for implementing the revised Flight Duty Time Limitations (FDTL) norms will not be deferred. Another official said implementation of the revised FDTL norms has been deferred for some time to enable thorough consideration of all elements. The <keyword id="20738678" type="General" weightage="20" keywordseo="federation-of-indian-airlines" source="keywords">Federation of Indian Airlines</keyword> (FIA), comprising <keyword id="19896871" type="General" weightage="20" keywordseo="air-india" source="keywords">Air India</keyword>, <keyword id="19987725" type="General" weightage="20" keywordseo="spicejet" source="keywords">SpiceJet</keyword> and <keyword id="19899182" type="General" weightage="20" keywordseo="indigo" source="keywords">IndiGo</keyword>, had written at least twice to the regulator seeking more time for implementation of the revised FDTL norms that were issued on January 8. In a communication to the FIA earlier this month, the regulator said the airlines have to take all necessary steps to roll out the revised FDTL CAR (<keyword id="20777683" type="General" weightage="20" keywordseo="civil-aviation-requirements" source="keywords">Civil Aviation Requirements</keyword>) with effect from June 1, 2024. The revised norms provide for increased weekly rest time to 48 hours for pilots and limit the number of landings to two during night operations. Besides, the night hours for pilots will be extended to cover the period from midnight to 6 am whereas it was midnight to 5 am earlier. Also, all airlines have to compulsorily submit quarterly fatigue reports, which "should follow a non-punitive and confidentiality policy".

DGCA defers implementation of revised flight duty norms for pilots

New Delhi, India's low-cost carrier <keyword id="6358032" type="General" weightage="20" keywordseo="SpiceJet" source="Orion">SpiceJet</keyword> has reportedly not deposited money into the pension funds of its employees for at least 6 to 8 months, a source said. However, a SpiceJet spokesperson told IANS said that the process has already been initiated by the company. "There was a certain deferral in PF but we will be depositing a substantial amount soon and salary disbursement is on time. We are also doing all settlements on time. Everything will be cleared soon. We are hopeful," said the spokesperson. "We are submitting PF together in three to four months and soon it will be cleared," he added. This week on Monday, SpiceJet announced a notable turnaround in its financials for the first quarter, driven by reduced costs which outweighed a decline in revenue. The airline revealed a consolidated net profit of Rs 197.64 crore for the quarter ending June 30. This marked a significant shift from the net loss of Rs 783.72 crore recorded during the corresponding period in the previous year. The impressive upswing in profitability was primarily attributed to a substantial 36 per cent reduction in total expenses for the mentioned quarter, amounting to Rs 2,069.24 crore. However, on Thursday, the Delhi High Court asked low-cost airline SpiceJet and its Chairman and Managing Director (CMD) to pay Rs 100 crore to Kal Airways and its promoter Kalanithi Maran by September 10, failing which the court may consider the attachement of their properties. Appearing for Maran and Kal Airways, senior advocate Maninder Singh submitted that the judgement debtor -- SpiceJet and CMD -- had to file the affidavit of assets and weekly collection within one week which they have failed to file on time and the same has not been filed in a format mandated by this court. On August 9, the court had issued notice on Kal Airways and Maran's application seeking 50 per cent of the daily revenue collection of SpiceJet to be paid to them on a weekly basis. During the hearing on Thursday, Singh further submitted that the order dated February 13 and July 7, passed by the Supreme Court is pre-emptive, conditional and self-operative which has not been complied with till date. Additionally, he submitted that the affidavit filed by the CMD has been filed under sealed cover which has not been served to the decree holders -- Kal Airways and Maran. On the other hand, senior advocate Amit Sibal submitted that the amount calculated by them stood upto Rs 279 crore and not Rs 397 crore, as argued by advocate Singh. He further made an offer to deposit Rs 75 crore within 10 days to which advocate Singh objected and said that they had to pay this amount in April but has not paid till date.

'SpiceJet didn't deposit money into pension funds for months'

India's domestic air passenger traffic rose 9% to more than 1.27 crore in November, according to official data released on Friday. Last month also saw daily air traffic touching new highs multiple times. <keyword id="6354706" type="General" weightage="20" keywordseo="indigo" source="Orion">IndiGo</keyword> remained the country's largest domestic carrier but its market share declined to 61.8% in November from 62.6% in October. However, none of the scheduled carriers had an On-Time Performance (OTP) score of more than 80% in November. Official data released by the Directorate General of Civil Aviation (DGCA) on Friday showed that airlines flew 1.27 crore passengers in November compared to 1.17 crore in the year-ago period. This marks a growth of 9.06% on an annual basis. "Passengers carried by domestic airlines during January-November 2023 were 1,382.34 lakhs as against 1,105.10 lakhs during the corresponding period of previous year thereby registering annual growth of 25.09% and monthly growth of 9.06%," DGCA said. The domestic market share of <keyword id="6358032" type="General" weightage="20" keywordseo="spicejet" source="Orion">SpiceJet</keyword> rose to 6.2% in November from 5% in October. Its OTP stood at 41.8% last month. <keyword id="2573" type="General" weightage="20" keywordseo="air-india" source="Orion">Air India</keyword>'s domestic market share remained unchanged at 10.5% in November while that of Vistara fell marginally to 9.4% last month. In November, the share of Akasa Air and AIX Connect remained unchanged at 4.2% and 6.6%, respectively. As per the data, Akasa Air topped the OTP chart at 78.2%, followed by IndiGo at 77.5% and Vistara at 72.8%. Air India's OTP was at 62.5% while that of AIX Connect and Alliance Air were at 69.7% and 66.1%, respectively. On-Time Performance (OTP) of scheduled domestic airlines is computed for four metro airports -- Bangalore, Delhi, Hyderabad, and Mumbai.

India's domestic air passenger traffic rises 9% in November

<keyword id="6358032" type="DOMAIN" weightage="100" keywordseo="spicejet" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="spicejet" meta.entityname="Spicejet Ltd." meta.entityid="7876" meta.seoname="spicejet-ltd">SpiceJet</keyword> too seems to be facing headwinds, with a lessor filing a plea seeking insolvency resolution proceedings against the no-frills airline and the petition is scheduled for hearing before the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) next week. It also comes at a time when competitor and cash-starved Go First has cancelled flights and has filed for voluntary insolvency resolution proceedings. Aircraft lessor <keyword id="2632765" type="General" weightage="20" keywordseo="aircastle" source="Orion">Aircastle</keyword> (Ireland) Ltd has filed the petition against SpiceJet for initiating insolvency resolution proceedings. The plea was filed on April 28 and it is to be heard by the NCLT Principal Bench on May 8, according to an update on the tribunal's website. A SpiceJet spokesperson said presently, there are no aircraft from this lessor in the airline's fleet and that the development will in no way affect its operations. "All aircraft from this lessor have already been returned by SpiceJet... "We are confident of resolving the matter without court proceedings and we are in discussions with their senior leadership team for the same," the spokesperson said in a statement. Further, the airline spokesperson said the comments provided here are without prejudice to the airline's rights and in no way should be deemed as admission of any liabilities. Shares of SpiceJet declined 2 per cent to close at Rs 31.93 apiece on the BSE on Friday. According to the NCLT website, two more petitions for insolvency resolution proceedings against SpiceJet are pending. The plea by Willis Lease Finance Corporation was filed on April 12 and the one by Acres <keyword id="1434432" type="DOMAIN" weightage="20" keywordseo="buildwell" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="buildwell" meta.entityname="Ansal Buildwell Ltd." meta.entityid="11966" meta.seoname="ansal-buildwell-ltd">Buildwell</keyword> Private Ltd was filed on February 4. There was no immediate comment from SpiceJet on the two petitions. In February, SpiceJet announced that Carlyle Aviation Partners will acquire a 7.5 per cent stake in the airline by converting outstanding dues as well as snap up shareholding in the cargo business, a move that will help the airline reduce its debt by USD 100 million. The NCLT on Thursday reserved its order on Go First petition after nearly a four-hour long hearing where aircraft lessors vehemently opposed the airline's plea. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-tumble-over-1-on-sell-off-in-hdfc-twins/articleshow/100013793.cms">Sensex, Nifty50 tumble over 1% on sell-off in HDFC twins</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/the-vivo-zeiss-story-how-a-covid-time-collab-led-to-the-creation-of-the-x90-series/articleshow/100013619.cms">The Vivo-Zeiss story: How a Covid-time collab led to the creation of the X90 series</a>

NCLT to hear insolvency proceedings plea filed against SpiceJet next week

SpiceJet Ltd on Monday said it has hived off its cargo and logistics business <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way for SpiceXpress to raise funds independently, SpiceJet said. The decision to hive off SpiceXpress is in sync with the company's long-term business plan and will unlock significant valuation of the logistic business, SpiceJet Ltd Chairman Ajay Singh said. Singh further said "the separation of our cargo and logistics arm is a stepping stone in our growth story which shall unfold in the times to come". SpiceXpress reported a net profit of Rs 51.4 crore for the April-December period of FY23. "In a bid to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers, SpiceJet Ltd has completed the hive off of its cargo and logistics division 'SpiceXpress' into a separate entity, SpiceXpress and Logistics Private Limited," the company said. The consideration for the slump-sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet, it said. According to Singh, "SpiceXpress will provide greater and differentiated focus to cargo and logistics business and will allow the possibility of raising capital for the business to accelerate its growth". Both SpiceJet and SpiceXpress have great potential and will complement each other well, he added. He also said that the hive off will not only enable SpiceXpress to raise cash independently, it will significantly reduce SpiceJet's negative net worth. "Having restructured over USD 100 million, outstanding dues to Carlyle Aviation Partner last month, the hive off will further strengthen and deleverage our balance sheet," Singh said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

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>

You Searched For "spicejet" and got 10 results

DGCA places Spicejet under enhanced surveillance after conducting special audit

ANI

SpiceJet’s Ajay Singh might sell stake to raise funds for airline

BI India Bureau

Crisis-hit SpiceJet plans to hand out pink slips to at least 1,000 employees

PTI

IndiGo stock to soar on a cosy duopoly and an expanding market, say brokerages

Katya Naidu

DGCA defers implementation of revised flight duty norms for pilots

PTI

'SpiceJet didn't deposit money into pension funds for months'

IANS

India's domestic air passenger traffic rises 9% in November

PTI

NCLT to hear insolvency proceedings plea filed against SpiceJet next week

PTI

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

PTI

SpiceJet subsidiary SpiceXpress to get USD 100 mn from UK group

PTI

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