SpiceJet crisis: Airline to get Rs 1,500 crore in new equity funding by April for revival plans


By Mihir Mishra, ET Bureau | 26 Jan, 2015 
SpiceJetBSE 0.68 % will getRs 1,500 crore in new equity funding over a period of just over three months, according to a turnaround proposal from the cash-strapped airline's new promoters that the civil aviation ministry has approved. 

The first instalment of Rs 100 crore was scheduled to be made on January 25, and it wasn't immediately clear if that money has come to the airline. The next instalment, of Rs 400 crore, is scheduled for February 15, followed by two more of Rs 500 crore each on March 20 and April 30, according to the plan approved by the ministry on Thursday. 
The plan doesn't say where the money would come from. It says the funding will happen post the new promoter, Ajay Singh, taking charge at the airline after the transfer of equity to him from Kalanithi Maran and KAL Airways. 

Comments

Post a Comment

Popular posts from this blog

Vistara Domestic Premium Economy vs. Economy – Is The Upgrade Worth It?

Economy on Vistara As one of only two  full-service carriers  in India, Vistara offers a high-quality economy product. On its A320, which used on most domestic routes, it offers 18-inch wide seats with a pitch of 29-30 inches. While this does sound standard, the well-padded seats and adjustable headrest make for a much more comfortable offering than its low-cost competitors. The seats also offer an acceptable 3″ recline. In terms of service, Vistara is one of the few airlines offering hot meals on domestic routes (minus short routes under an hour). All economy passengers, except those booked on Economy Lite fares, receive a meal along with hot or cold beverages. From personal experience, the meals are good and enough for domestic hops. For those traveling on Lite fares, only complimentary hot beverages are available. Vistara also has a small buy-on-board menu, which features packaged snacks and drinks, along with some hot instant meals. Originally, the airline served all passenger’s me
Read more

Why the Airbus A340 Has A Middle Landing Gear

Image
The  Airbus A340  was specially designed for long haul flying and had something not seen with other widebody aircraft flying today. It was a unique middle landing gear that allowed the plane to take off with heavier loads and carry more fuel for its four hungry engines. What is the middle landing gear? If you have ever looked carefully at a picture of an A340 (or if you are lucky, in real life), you might have noticed an extra landing gear on the belly in the middle of the plane. Here it is on a Virgin Atlantic  Airbus A340-600  to the rear of the aircraft. Looking at the bottom of an A340 you’ll see that there are already two other sets of landing gears under the wings, why would an aircraft need a third in the middle? Why some A340s have the middle landing gear Plain and simple, the extra landing gear allows the A340 aircraft to have a higher MTOW (maximum take-off weight). This means more passengers and cargo, plus more fuel to go a longer distance. Perfect for t
Read more

Preparing To Start Domestic Flight Operations Within A Week: Civil Aviation Minister Hardeep Puri

The domestic flight operations are likely to resume within a week, says Union Civil Aviation Minister  Hardeep Singh Puri . The commercial flight operations remain suspended since March 24 after the announcement of nationwide lockdown to contain the spread of coronavirus. In an interview with  Outlook ’s  Preetha Nair , the Union Minister also talks about the government’s massive plan to evacuate stranded Indians and the logistical challenges involved. He also says a decision on operating flights between green zones of the country will soon be taken. You have hinted that the commercial flight operations are set to begin after May 15 in a calibrated way. Can you elaborate? We are preparing to start domestic flight operations even before May 15. My effort will be to try and move in the direction of starting it very soon. I can’t put a date on it because when you are planning evacuation operations, you need the co-operation of the state governments. In order to open up domestic civil avia
Read more