IndiGo Asked To End Aircraft Lease Agreement With Turkish Airlines
The development comes after aviation regulator DGCA on Friday granted a three-month extension to IndiGo on damp leasing two Boeing 777 planes from Turkish Airlines.
IndiGo (File Photo)
In a big step against Turkish airlines, the central government on Friday asked IndiGo to end its aircraft lease agreement with Turkish Airlines within three months.
The action came weeks after the government revoked the security clearance for a Turkish firm, Celebi Aviation, which handled services at nine key airports in India, including Delhi.
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Time of India
3 hours ago
- Time of India
Business-class comfort on low-cost flights soon
Kolkata: Days after Emirates and Thai Vietjet announced four-class and three-class cabin configurations on their respective flights to Dubai and Bangkok, domestic carrier IndiGo Airlines announced a two-class configuration in its cabin on flights to Delhi and Mumbai. At present, Air India offers business class seats on its flights, while Air India Express has business class on select flights to Chennai, Bengaluru, and Jaipur. Travel agents in Kolkata said the introduction of business class on 11 flights to Delhi starting Sept 12 and on three flights to Mumbai from Sept 16 has triggered excitement among flyers. Executives, businessmen, and traders who prefer flying IndiGo because the airline offers the highest frequency on most sectors, said they were willing to pay more for better comfort. "Jet Airways set the benchmark in business class. Kingfisher also had a good product. After the two went bust, there was Vistara and Air India. After the merger, only AI had business class. But since it did not have many flights, passengers had to compromise on flexibility of travel to avail of it. The introduction of business class by IndiGo will make a big difference," said Travel Agents Federation of India national executive committee member Anil Punjabi. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Your Finger Shape Says a Lot About Your Personality, Read Now Tips and Tricks Undo You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata | Gold Rates Today in Kolkata | Silver Rates Today in Kolkata SpiceJet does have a product called SpiceMax that offers greater legroom and priority check-in, but it is essentially a premium economy offering. While all 11 daily flights that IndiGo operates to Delhi from Kolkata will offer IndiGo Stretch, which includes meals and beverages, higher baggage allowance, and priority check-in, only three out of eight flights will offer business class. "As more aircraft with twin configurations are available, more flights to Mumbai will offer business class," said an official. In addition to Stretch, the airline has a Stretch+ offering that provides an even higher baggage allowance and lower cancellation fee. Travel Agent Association of India chairman (east) Anjani Dhanuka said the business class offering would do well as business class in Air India flights from Kolkata have an average occupancy of 65-70%, with some Delhi and Mumbai-bound flights going full. "At present, people who wanted extra legroom on IndiGo flights used to pay for first row or emergency seats. Those travelling to Delhi or Mumbai will now buy business class seats. There is also a good demand on the Kolkata-Bengaluru sector where IndiGo has 10 flights a day," he said. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
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Business Standard
6 hours ago
- Business Standard
IndiGo targets 40% fleet on finance lease by 2030: CFO Gaurav Negi at AGM
IndiGo expects 30-40 per cent of its fleet to be on finance lease by 2030, reflecting a shift away from its long-standing reliance on sale-and-leaseback deals, Chief Financial Officer Gaurav Negi told shareholders at the airline's annual general meeting on Wednesday. As of June 30, IndiGo had 416 planes in its fleet. Of these, 69 are under finance leases, 336 under operating leases and 11 under damp leases. This works out to about 17 per cent of the fleet currently being on finance lease. Most of IndiGo's fleet today is on operating leases, where an aircraft is rented from a lessor for a fixed term and returned at the end of the lease. One common form of operating lease is the sale-and-leaseback, where the airline sells an aircraft to a lessor and leases it back, generating cash but giving up ownership. On the other hand, a finance lease gives IndiGo ownership-like control for most of an aircraft's useful life, with payments structured like loan instalments and the aircraft recorded as an asset. Moving toward finance leases gives IndiGo greater fleet control, predictable long-term costs, and potential gains from residual aircraft value. "We are increasing our fleet. We have got an order backlog for 920 planes. Someone asked us what would be the ownership (percentage) by 2030? We estimate that 30-40 per cent of the fleet, which would be about 600 planes, will be our own fleet in terms of finance lease, by 2030," Negi stated. IndiGo CEO Pieter Elbers, during the AGM, said that about 40 per cent of the airline's total passenger-carrying capacity would be deployed on international routes by 2030, compared with around 20 per cent at present. He added that the response to IndiGo's business class product -- called Stretch, launched last year on select metro-to-metro domestic routes -- has been extremely positive. The airline has since deployed it on India–Bangkok routes and is planning to extend it to services in Singapore and Dubai.
Time of India
11 hours ago
- Time of India
Turkish Airlines says offer to buy stake in Spain's Air Europa accepted
Advt Advt Turkish Airlines on Tuesday said Air Europa had accepted its 300-million-euro ($350 million) offer to purchase a minority stake in the indebted Spanish a statement to the Istanbul Stock Exchange regulator (KAP), the Turkish flag carrier said "the binding offer submitted has been accepted by Air Europa" and procedures to close the deal had started."The transaction involves an investment of 300 million euros, the majority of which is in the form of a capital increase" which would then be converted into a stake whose share would be finalised in the coming months."The minority shareholding ratio to be acquired will be finalised following technical and financial adjustments to be made at the closing," it reports in Spain and Turkey gave a figure of some 26 Airlines said the process was due to be completed within six to 12 months, subject to approval by the relevant regulatory authorities, including the Spanish airline submitted its binding offer on Tuesday to Globalia, the Spanish tourism group which holds an 80-percent stake in Air other 20 percent is held by British Airways owner move comes two weeks after rival bidders Lufthansa and Air France-KLM dropped out of talks to take a stake in the Spanish Airlines had on August 7 informed KAP it had decided to submit a binding offer to acquire a minority stake in Air said the complementary nature of its own global passenger and cargo network and Air Europa's strong position in the Iberian Peninsula and Latin America would "contribute to achieving scaled and rapid growth in the Latin American market" and create new revenue year, IAG dropped a bid for a full takeover of the Spanish carrier owing to regulatory constraints.
