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The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses 

SpiceJet open to sell more stakes in airline biz

Cash-strapped SpiceJet to sell more stakes in airline business  

The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses&nbsp;

The cash-strapped airline, SpiceJet is open to selling more shares to reduce its liabilities, chairman and managing director Ajay Singh said.&nbsp;
As per Livemint report, Singh further said we are flexible. We will talk to our partners and see what it is they prefer to do. But, irrespective, we need to deleverage our balance sheet to have the space to grow, and that&rsquo;s what we are trying to do," Singh said in response to a query at the CAPA India Aviation Summit.
At the end of the December quarter, when it posted a four-fold jump in net profit to ₹106.8 crore thanks to robust demand and higher fares, the Gurugram-based airline had liabilities of around ₹14,000 crore. The carrier has been in talks with lessors, investors and lenders in India and abroad for renegotiating contracts, raising funds, and restructuring. The airline has convinced Carlyle Aviation, its largest lessor from which it has leased 13 aircraft, to convert $100 million of outstanding dues into a 7.5% equity and $65.5 million worth of compulsorily convertible debentures in the cargo unit.
The cash-strapped carrier has been facing multiple headwinds though it reported a multi-fold rise in net profit to Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses.&nbsp;

In order to rationalise cost, budget carrier SpiceJet has asked 80 of its pilots to go on a three-month leave without pay.
The airline has been struggling financially. Also, on July 27, the Director General of Civil Aviation ordered SpiceJet to operate only 50% of its flights for the next eight weeks after multiple air safety incidents were reported.
With that deadline soon approaching completion, SpiceJet, in its statement on Tuesday said, "Even after placing certain pilots on leave without pay, SpiceJet will have sufficient number of pilots to operate its full schedule as and when the DGCA restriction on flights is lifted."
The airline has been making losses from the last four years. The carrier's Chairman and Managing Director, Ajay Singh, had on August 31 this year said the airline will engage with investment bankers to raise up to $200 million.

 SpiceJet struggle widens; sends pilots on 3-month leave without pay

SpiceJet: Even after placing certain pilots on leave without pay, SpiceJet will have sufficient number of pilots to operate its full schedule as and when the DGCA restriction on flights is lifted

In order to rationalise cost, budget carrier SpiceJet has asked 80 of its pilots to go on a three-month leave without pay.
The financial crisis of the airline was known but the suddenness of the decision has shocked employees.&nbsp;
The airline has been struggling financially. Also, on July 27, the Director General of Civil Aviation ordered <a href="https://www.editorji.com/business-news/spicejet-saga-loss-widens-salaries-delayed-cfo-resigns-1662000045723">SpiceJet</a> to operate only 50% of its flights for the next eight weeks after multiple air safety incidents were reported.
With that deadline soon approaching completion, SpiceJet, in its statement on Tuesday said, "Even after placing certain pilots on leave without pay, SpiceJet will have sufficient number of pilots to operate its full schedule as and when the DGCA restriction on flights is lifted."
The airline has been making losses from the last four years. The carrier's Chairman and Managing Director, <a href="https://www.editorji.com/business-news/spicejet-s-biggest-shareholder-ajay-singh-wants-to-sell-his-stakes-1659507569957">Ajay Singh</a>, had on August 31 this year said the airline will engage with investment bankers to raise up to $200 million.
Read More:- <a href="https://www.editorji.com/business-news/air-india-to-expand-its-wings-will-it-merge-with-vistara-1663645612538">Air India to expand its wings; will it merge with Vistara?</a>

Aviation regulator DGCA conducted 53 spot checks on 48 SpiceJet aircraft between July 9 and July 13 and it did not find any major safety violations, Minister of State for Civil Aviation V K Singh said Monday. 

DGCA conducts spot checks on 48 SpiceJet aircraft; finds no major safety violation: Govt

SpiceJet planes were involved in at least eight technical malfunction incidents in the 18-day period starting June 19, following which the DGCA had on July 6 issued a show-cause notice to the airline.

Aviation regulator DGCA conducted 53 spot checks on 48 SpiceJet aircrafts between July 9 and July 13 and it did not find any major safety violations, Minister of State for Civil Aviation V K Singh said Monday.
"However, as a safety measure, the Directorate General of Civil Aviation (DGCA) ordered SpiceJet to use certain identified aircraft (10) for operations only after confirming to the regulator that all reported defects/malfunctions are rectified," Singh said in his written reply in Rajya Sabha.
SpiceJet planes were involved in at least eight technical malfunction incidents in the 18-day period starting June 19, following which the DGCA had on July 6 issued a show-cause notice to the airline, stating that "poor internal safety oversight" and "inadequate maintenance actions" have resulted in degradation of safety margins.
Just three days after issuing the notice, the regulator started conducting spot checks on SpiceJet planes, Singh stated. The spot checks were completed on July 13.
"A total of 53 spot checks were carried out on 48 aircraft which did not find any major significant finding or safety violation," he mentioned.
Also read: <a href="https://www.editorji.com/business-news/spicejet-flight-malfunction-9th-incident-in-24-days-1657625763706">SpiceJet flight malfunction: 9th incident in 24 days</a>
The DGCA's safety oversight process involves series of successive follow up steps which includes communication of observations or findings to the airlines for taking corrective action, review of corrective action taken by the airlines for taking a decision, and initiating enforcement action consisting of warning, suspension, cancellation or imposition of financial penalty to the person or the airline involved, he noted.
In its notice to SpiceJet on July 6, the regulator had said that the airline has failed to &ldquo;establish safe, efficient and reliable air services&rdquo; under the the Aircraft Rules, 1937.
&ldquo;The review (of the incidents) transpires that poor internal safety oversight and inadequate maintenance actions (as most of the incidents were related to either component failure or system-related failure) have resulted in degradation of the safety margins,&rdquo; the notice added.
The regulator gave airline three weeks to respond to the notice.
On July 5, a SpiceJet freighter aircraft, which was heading to Chongqing in China, returned to Kolkata as the pilots realised after the take-off that its weather radar was not working.
On July 5 itself, the airline&rsquo;s Delhi-Dubai flight was diverted to Karachi due to a malfunctioning fuel indicator and its Kandla-Mumbai flight did priority landing in Maharashtra&rsquo;s capital city after cracks developed on its windshield mid-air.
On July 2, a SpiceJet flight heading to Jabalpur returned to Delhi after the crew members observed smoke in the cabin at an altitude of around 5,000 feet.
Fuselage door warnings lit up on two separate SpiceJet planes while taking off on June 24 and June 25, forcing the aircraft to abandon their journeys and return.
On June 19, an engine on the carrier&rsquo;s Delhi-bound aircraft carrying 185 passengers caught fire soon after it took off from the Patna airport and the plane made an emergency landing minutes later. The engine malfunctioned because of a bird hit.
In another incident on June 19, a SpiceJet flight for Jabalpur had to return to Delhi due to cabin pressurisation issues.
Planes of other airlines have also been involved in technical malfunction incidents during the last 45 days.
The DGCA had on July 19 started a 2-month-long special audit of all Indian carriers after its spot checks earlier this month found that insufficient and unqualified engineering personnel are certifying carriers' planes before their departure, officials said.

A Delhi-Jabalpur SpiceJet aircraft had to return to the Delhi airport on Saturday morning after the cabin crew noticed smoke inside the plane.The smoke was noticed when the aircraft was flying at a height of 5,000ft. News agency ANI shared a video showing how passengers were fanning themselves with newspapers and airline booklets as the smoke entered the cabin.A SpiceJet spokesperson said all passengers deboarded the plane safely at Delhi airport. On June 19, a Delhi-bound Spicejet flight had to return to Patna airport after it caught fire hit by a bird.

On camera: smoke inside cabin forces Spicejet flight to return to Delhi

SpiceJet cabin smokes up at 5000 feet, flight turned around

Watch: Smoke fills up SpiceJet cabin mid-air

SpiceJet spokesperson: All the passengers have been safely disembarked

A Delhi-Jabalpur SpiceJet aircraft had to return to the Delhi airport on Saturday morning after the cabin crew noticed smoke inside the plane. The smoke was noticed when the aircraft was flying at a height of 5,000ft. News agency ANI shared a video showing how passengers were fanning themselves with newspapers and airline booklets as the smoke entered the cabin. A SpiceJet spokesperson said all passengers deboarded the plane safely at Delhi airport.&nbsp; On June 19, a Delhi-bound Spicejet flight had to return to Patna airport after it caught fire hit by a bird.
Also watch: <a href="https://www.editorji.com/business-news/indigo-cabin-crew-s-refusal-for-food-to-a-6-yr-old-leaves-internet-divided-1655807215843" target="_blank">IndiGo cabin crew's refusal for food to a 6-yr-old leaves internet divided</a>

Over 180 passengers on board a Patna-Delhi SpiceJet flight had a narrow escape when the plane made an emergency landing soon after take-off on Sunday as a fire was reported at the plane.  According to reports, the engine of the plane caught fire and was first noticed by local people. The DGCA said the plane was hit by a bird and one engine got shut. Over 180 passengers were on board and there has been no report of any injury.A video of plane returning to the airstrip went viral on social medai while news agency ANI posted a video showing passengers getting down from the plane. 

On camera: Delhi-bound SpiceJet plane catches fire mid air; all passengers safe

A video of plane returning to the airstrip went viral on social medai while news agency ANI posted a video showing passengers getting down from the plane.

Over 180 passengers on board a Patna-Delhi SpiceJet flight had a narrow escape when the plane made an emergency landing soon after take-off on Sunday as a fire was reported at the plane. &nbsp; According to reports, the engine of the plane caught fire and was first noticed by local people. The DGCA said the plane was hit by a bird and one engine got shut. Over 180 passengers were on board and there has been no report of any injury. A video of plane returning to the airstrip went viral on social medai while news agency ANI posted a video showing passengers getting down from the plane.&nbsp;
Also watch: <a href="https://www.editorji.com/india-news/rjd-s-tejashwi-yadav-on-agnipath-is-this-hidden-agenda-of-rss-1655628432659" target="_blank">RJD's Tejashwi Yadav on Agnipath: Is this 'hidden agenda' of RSS?</a>

spicejet aircraft

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