The Tata group, which owns two joint venture airlines (AirAsia and Vistara), has evinced interest in acquiring a majority stake in Jet
The airline reportedly had recently asked 15 managerial level employees from various departments including engineering, security and sales, to leave the company
The exits come as the airline is struggling to pay salaries and vendors on time
The carrier was one of the first to take off in the early 1990s after India opened up aviation to non-state carriers
Higher capacity addition would leave little room for rate rationalisation
To avoid a default on loan payments, Jet Airways and SpiceJet have sought a moratorium on lease rent payment.A weakened rupee, surge in crude oil prices and inability to raise fares have put pressure on all airlines, tightening their liquidity situation. In this backdrop, rating agencies have downgraded the debt of all three listed airlines, including that of IndiGo, the market leader. CRISIL has downgraded the rating of SpiceJet's Rs 14.45-billion debt, from the earlier BBB to one of BB-minus. ICRA has downgraded the rating for IndiGo's Rs 80-bn loan to A+ from the earlier AA. A SpiceJet spokesperson said the airline had secured a one-time relief of two to three months from a lessor. "The rating downgrade is an industry phenomenon and we continue to outperform the industry on financial metrics," the spokesperson added. Jet Airways did not respond to a query but sources said it had sought discounts and easier payment terms, including 60-90 days of moratorium on its lease ...
TruJet, which operates its services on regional and Udan routes from Hyderabad to various destinations, has an all-ATR fleet
Aviation analysts point out to the grounding of planes and poor seat loads as probable reasons for cancellations
Tata Group is reportedly looking for a significant stake in Jet Airways
Jet Airways said the report on Tata Group being in talks with the company for buying a stake is totally speculative
The airline has informed its flight attendants that they would be eligible for leave without pay between November 1 and December 20
Equity infusion hinges airline's financial health, control. Analysts say overhaul needed for survival
No date was specified for the disbursal of salaries for September
Notably, the airline management had on October 5 assured its domestic pilots body, NAG, of disbursing the remaining amount of August salary by Tuesday
The August salary was to be paid in two instalments - half by September 11 and the other half by September 26
Accrual and redemption of miles is a transaction between two companies
Due to delay in implementing liquidity enhancement measures, rise in crude price, rupee depreciation, inability to pass on costs
Jet Privilege, which has got millions of members, is majority owned by its equity partner Etihad Airways, which also owns 24 per cent in the carrier
The meeting comes ahead of the payment of the balance amount of the second instalment of August salaries of the senior management, pilots and engineers on October 9
Jet Airways, PNB, Infibeam Avenues, PC Jeweller, Manpasand Beverages, Kitex Garments, Vodafone Idea, BEML, Indiabulls Real Estate, Avanti Feeds and Aptech were down more than 60% from 52-week highs.