New Delhi: SpiceJet, India's second-biggest budget carrier by market share, reduced its second-quarter losses by 32 per cent, benefiting from massive cuts in capacity by rival Kingfisher Airlines. The losses still reflect the fiercely competitive aviation industry, which lost a combined $2 billion last year. All but unlisted IndiGo lost money, hurt by high state taxes on jet fuel, expensive airports and regulatory uncertainty. "Fuel costs and a weakened INR...
01:49 AM, Nov 13, 2012
Mumbai: Concerns over the future of India's debt-ridden Kingfisher Airlines intensified on Thursday after the grounded carrier provided no concrete recovery plan even as a deadline to raise cash loomed large. Kingfisher, grounded for more than a month after a violent staff protest and concerns about safety, widened its quarterly loss from a year ago as a curtailed schedule meant sharply lower revenue. The carrier controlled by liquor tycoon Vijay...
09:38 AM, Nov 08, 2012
New Delhi: State Bank of India (SBI), the lead bank to ailing Kingfisher Airlines, on Tuesday cautioned the carrier that it "will not fly" if it fails to bring in fresh capital by November 30. "Banks' consortium has done everything possible to make the company (Kingfisher) work. Only the company is not working... The management has to get capital. We have given time till November 30 that they should get...
07:20 PM, Nov 06, 2012
New Delhi: India will not renew Kingfisher Airlines' licence to fly if the ailing carrier fails to provide a turnaround plan by end-December, a top government official told reporters on Monday. The airline has not come up with any revival plan as of now, the official, who declined to be named, said, adding that the airlines' licence is due to expire on December 31. Kingfisher, once India's second-largest airline, has...
02:04 PM, Nov 05, 2012
New Delhi: Crisis hit Kingfisher Airlines Chairperson Vijay Mallya met Civil Aviation Secretary KN Srivastav to brief him about Kingfisher's revival plans. Mallya said the revival plan would be a comprehensive one and the cash strapped airline would cross all the hurdles. "I have briefed the secretary on revival, restart plan. It would be a comprehensive plan. All hurdles will be crossed," Mallya said. Mallya was also expected to meet...
01:27 PM, Oct 30, 2012
New Delhi: Kingfisher Airlines Chairman Vijay Mallya downplayed the crisis that hit the airlines saying it was blown out of proportion. "Kingfisher crisis is blown out of proportion, some companies do well, some don't," Mallya said. Mallya returned to the country after a month-long overseas visit. He was at the Buddh International Circuit Formula 1 track, where the qualifiers for the Indian Grand Prix were taking place. He said that...
12:54 PM, Oct 27, 2012
New Delhi: In the latest twist to the Kingfisher Airlines crisis, sources on Friday said that the money to revive the cash-strapped airline will come from Vijay Mallya's UB Group as there is no investor available in the near term. Kingfisher CEO Sanjay Aggarwal met the Directorate General of Civil Aviation (DGCA) officials on Friday afternoon and will now meet Mallya to discuss the revival plan. The meeting came after...
02:16 PM, Oct 26, 2012
Mumbai: Kingfisher Airlines' scrip rose 4.6 per cent to touch its upper limit on Friday as the management lifted the lockout, agreeing to pay by December the four-month salary dues to striking employees. The stock opened the day 4.59 per cent higher and hit the day's upper circuit of Rs 11.40 on the BSE, defying a weak stock market. At NSE, the scrip gained 4.61 per cent to Rs 11.35....
11:01 AM, Oct 26, 2012
New Delhi: It has been 25 days of protest, a lockdown and a suspension of licence, for Kingfisher Airlines. Its employees have finally agreed to return to work. The employees who wanted four-month salaries, agreed in the end to the management's proposal of three months' salaries. Employees, who haven't been paid since March, will now get their March salaries by Thursday, April salaries within a week, May salaries before Diwali...
09:15 PM, Oct 25, 2012
New Delhi: Kingfisher Airlines pilots have agreed to the management's offer of three months' salary by Diwali, according to sources. This came after the management's meeting with the pilots on Thursday. However, they have demanded that the salaries for March be paid within 24 hours. The rest have to be paid within the next two weeks before Diwali. The Kingfisher Airlines management will also hold talks with engineers on Thursday...
02:16 PM, Oct 25, 2012
New Delhi: Troubled Kingfisher Airlines Chairman Vijay Mallya will be attending the Indian Grand Prix event at Greater Noida later this week. Mallya will be returning at a time when the airline is in the middle of a crisis. The employees of Kingfisher Airlines wanted to speak directly to Mallya on their issues, but they were not given permission to do so. They are seeking four months' pay by October...
11:07 AM, Oct 24, 2012
New Delhi: No end to the standoff between Kingfisher Airlines employees and management. The partial lockout is set to continue as the cash-strapped airlines' officials had sought time from the DGCA until Wednesday but the employees have refused a written assurance of three months salary before Diwali. They want to be paid by Thursday. The crisis in Kingfisher Airlines following a 23-day lockout is likely to prolong with a large...
08:39 AM, Oct 24, 2012
New Delhi: Civil Aviation Minister Ajit Singh has refused to intervene in the Kingfisher Airlines mess. He said Kingfisher is a privately owned company and so the government can't intervene and make the airline pay staff salaries. He also said that the payment alone will not be enough to make Kingfisher fly. "It is a private company, doesn't come under any ministry. Yes they have a problem, but the government...
11:24 AM, Oct 23, 2012
New Delhi: It seems to be the end of good times for crisis-hit Kingfisher Airlines. Kingfisher's efforts to take off crash landed after it's 6,000 plus employees, who haven't been paid in the past seven months, refused the management's offer of three months' salary before Diwali. They say it's an eyewash and want chairman Vijay Mallya to come to the talking table. Speaking to IBN18 Editor-in-Chief Rajdeep Sardesai, Kingfisher employee...
07:32 AM, Oct 23, 2012
New Delhi: The crisis in the Kingfisher Airlines may have been reduced a bit after its striking employees on Monday agreed to take it three months' salary offer. A final decision from the management on the resumption of flight operations, however, is awaited. The ailing airline company on Monday offered to pay one month salary to its employees in 24 hours during a closed-door meet with the representatives of its...
06:25 PM, Oct 22, 2012
Mumbai: Kingfisher Airlines stock fell nearly 5 per cent on Monday to touch the lower circuit limit after its flying licence was suspended by the DGCA late last week. The scrip of the financially-troubled company was down 4.8 per cent and hit the lower circuit limit of Rs 10.90 soon after the opening trade on the BSE. Similar was the trend at the NSE, where the stock plunged 4.82 per...
10:49 AM, Oct 22, 2012
Mumbai: Facing the real possibility of a shut down, cash-strapped Kingfisher Airlines will make one last attempt to convince its 4000 employees to return back to work on Monday. The management is slated to hold talks with them in Mumbai. This comes three days after the Directorate-General of Civil Aviation (DGCA) suspended its licence - putting the airline in further jeopardy. The employees have been seeking payments of all pending...
08:38 AM, Oct 22, 2012
New Delhi: Troubled Kingfisher airlines, whose flying licence was suspended by the DGCA, on Saturday night said it has stopped taking booking of tickets till it resumes operations. "We are now immediately suspending all forward bookings till such time we resume operations," Kingfisher spokesperson said in a statement, adding it's "our endeavour to re-start operations at the earliest and we assure you we are working towards achieving this". Meanwhile Kingfisher's...
08:52 AM, Oct 21, 2012
New Delhi: Troubled Kingfisher airlines, whose flying licence was suspended by the DGCA, said on Saturday night it has stopped taking booking of tickets till it resumes operations. "We are now immediately suspending all forward bookings till such time we resume operations," Kingfisher spokesperson said in a statement, adding it's "our endeavour to re-start operations at the earliest and we assure you we are working towards achieving this". The airline...
10:03 PM, Oct 20, 2012
New Delhi: It could be the beginning of the end for Kingfisher Airlines. The crisis-hit company, under lockout since September end, had his licence suspended on Saturday by the aviation watchdog, the Directorate General of Civil Aviation (DGCA). This means an immediate halt on bookings, followed by the staff intensifying their protests for their dues. The DGCA on Saturday said that the suspension will stay till it is convinced that...
09:00 PM, Oct 20, 2012
