Tag: Indigo

Categories
Business Tech Lite Technology

IndiGo Parent Company Approves Venture Capital Division

“This new division’s primary focus will be investing in early-stage companies operating in aviation and related consumer sectors…reports Asian Lite News

The board of InterGlobe Aviation Ltd, the parent company of India’s largest airline, IndiGo, granted approval for the establishment of a Venture Capital division on Monday.

“This new division’s primary focus will be investing in early-stage companies operating in aviation and related consumer sectors, such as travel, lifestyle, hospitality, and transportation,” said an airline official.

The company officially announced in a filing to the stock exchanges that its Board of Directors has given the green light for the incorporation of a Private Limited Company, initially funded with Rs 30 crore.

The airline’s board has endorsed this investment, which will be established within the Special Economic Zone at Gujarat International Finance Tec-City, as detailed in the exchange filing.

Additionally, the airline’s board has approved the issuance of corporate guarantees, amounting to a maximum of USD 996 million, to ensure the financial obligations of the aforementioned wholly-owned subsidiary.

“In compliance with Regulation 30 and other applicable regulations of the SEBI LODR Regulations, we wish to inform that the Board of Directors of the Company, at its meeting held today, September 4, 2023 (staring time: 10.30

a.m., closing time: 12.30 p.m.), has approved, incorporation of a wholly owned subsidiary of the Company, investment up to Rs 30 crores in one or more tranches, issuing corporate guarantees of up to USD 996 million (or an

equivalent amount in Indian Rupees or any other currency) to secure the payment obligations of aforesaid wholly owned subsidiary,” it said in the BSE filing.

Gaurav Negi, the airline’s Chief Financial Officer, had previously disclosed the creation of this venture while addressing participants during a post-earnings conference call on August 2.

ALSO READ: Mumzworld Empowers Emirati Women Entrepreneurs

Categories
-Top News UK News

Sunak lauds IndiGo deal with Airbus  

New Delhi, June 19 (ANI): Pieter Elbers, Chief Executive Officer of IndiGo Airlines, Guillaume Faury, Chief Executive Officer of Airbus and others at the signing of purchase agreement of 500 aircraft with Airbus at the Paris Air Show 2023 on Monday. (ANI Photo)

IndiGo’s order for 500 A320 Family aircraft sets a new record for the largest single purchase agreement in the history of commercial aviation, Airbus said in a statement…reports Asian Lite News

Prime Minister Rishi Sunak said today that Airbus’s multi-billion dollar deal with IndiGo to supply 500 aircraft is a major boost for the UK aerospace sector, which will benefit from billions of pounds in investment and thousands of new jobs.

IndiGo on Monday announced a firm order to buy 500 narrow-body planes from Airbus, making it one of the largest-ever aircraft purchases by an airline in civil aviation history.

“This contract is a major win for our aerospace sector. Airbus’s deal with IndiGo will be worth billions to the UK and support thousands of jobs across the country – helping to grow the economy,” PM Sunak said.

IndiGo’s deal has topped the 470-aircraft agreement recently signed by Airbus and Air India, and sparks a race to capitalise on India’ growing base of fliers and vast expat population.

IndiGo’s order for 500 A320 Family aircraft sets a new record for the largest single purchase agreement in the history of commercial aviation, Airbus said in a statement.

“This landmark order marks a new chapter in Airbus and IndiGo’s relationship that is democratising affordable air travel for millions of people in the world’s fastest growing aviation market. It is also a resounding endorsement of the A320 Family’s best-in-class operating economics that have been powering IndiGo’s growth for almost two decades,” said Christian Scherer, Chief Commercial Officer and Head of International at Airbus.

“It is difficult to overstate the significance of IndiGo’s new historic order for 500 Airbus A320 Family aircraft. An order book now of almost 1,000 aircraft well into the next decade, enables IndiGo to fulfil its mission to continue to boost economic growth, social cohesion and mobility in India,” said Pieter Elbers, CEO of IndiGo.

IndiGo’s fleet of over 300 aircraft currently operates over 1,800 flights a day, connecting 78 domestic and over 20 international destinations. With orders for additional aircraft yet to be delivered, the airline’s fleet strength is expected to reach 480.

ALSO READ-Sunak joins raid on illegal migrants

Categories
Business India News Travel

IndiGo buys 500 planes from Airbus

New Delhi, June 19 (ANI): Pieter Elbers, Chief Executive Officer of IndiGo Airlines, Guillaume Faury, Chief Executive Officer of Airbus and others at the purchase agreement of 500 aircraft with Airbus at the Paris Air Show 2023 on Monday. (ANI Photo)

With this additional firm order of 500 aircraft for 2030-2035, IndiGo’s order book has almost 1000 aircraft yet to be delivered well into the next decade…reports Asian Lite News

India’s largest airline IndiGo’s board has approved an order for 500 Airbus A320 family aircraft, making it the biggest order in its history, an official said on Monday.

The purchase agreement was signed on June 19 at the Paris Air Show 2023 in the presence of Chairman of the Board of IndiGo V Sumantran, CEO of IndiGo Pieter Elbers, CEO of Airbus Guillaume Faury, and, Airbus’ Chief Commercial Officer and Head of International Christian Scherer.

An official statement from the airline said that the engine selection for this order will be done in due course and so will be the exact mix of A320 and A321 aircraft.

“This will provide IndiGo a further steady stream of deliveries between 2030 and 2035. This 500 aircraft order is not only IndiGo’s largest order but also the largest-ever single aircraft purchase by any airline with Airbus,” the statement said.

IndiGo operates over 300 aircraft and has previous orders totalling 480 aircraft which are yet to be delivered between today and the end of this decade.

“With this additional firm order of 500 aircraft for 2030-2035, IndiGo’s order book has almost 1000 aircraft yet to be delivered well into the next decade,” the airline said.

This IndiGo order book comprises a mix of A320NEO, A321NEO and A321XLR aircraft.

The evaluation of the offers was shared and discussed with IndiGo’s Board, and consequently endorsed.

As per the official statement, the new order will bring the strategic relationship between IndiGo and Airbus to an unprecedented depth and breadth.

“With this new order, since its inception in 2006, IndiGo has ordered a massive total of 1,330 aircraft with Airbus,” it said.

The fuel-efficient A320NEO Family aircraft will allow IndiGo to maintain its strong focus on lowering operating costs and delivering fuel efficiency with high standards of reliability, the statement added.

The young and fuel-efficient fleet will help IndiGo realize its sustainability ambitions, building on the already realized CO2 reduction of 21 per cent between FY16 and FY23.

This year, IndiGo expects to welcome 100 million customers on board and as such literally give wings to the nation.

“The Indian economy is expected to further grow from being the world’s 5th largest today to being the 3rd largest before the end of this decade. For aviation specifically, Prime Minister Modi has stated his mission to ensure that by 2030 India comes into her own on the world stage of aviation leadership by building cutting-edge infrastructure and developing India into a global aviation hub,” the airline said.

Pieter Elbers, CEO of IndiGo, said, “It is difficult to overstate the significance of IndiGo’s new historic order for 500 Airbus A320 Family aircraft. An order book now of almost 1.000 aircraft well into the next decade, enables IndiGo to fulfil its mission to continue to boost economic growth, social cohesion and mobility in India. At IndiGo, we take pride in being India’s preferred airline for connectivity in and with India; and by doing so, being one of the leading airlines in the world. This order strongly reaffirms IndiGo’s belief in the growth of India, in the A320 Family and in our strategic partnership with Airbus.” (ANI)

ALSO READ: IndiGo inks historic aircraft deal with Airbus

Categories
Business India News Travel

IndiGo inks historic aircraft deal with Airbus

With this new firm order for 500 aircraft in the 2030-2035 time-frame, IndiGo’s order-book now boasts almost 1,000 aircraft, securing a steady stream of deliveries well into the next decade…reports Asian Lite News

IndiGo Airlines has made a ground-breaking announcement regarding the placing of an order for a staggering 500 Airbus A320 family aircraft, scheduled to be delivered between 2030 and 2035.

The purchase agreement was finalised at the Paris Air Show 2023, with representatives from IndiGo and Airbus present.

In a statement on Monday, IndiGo confirmed that the engine selection and the precise mix of A320 and A321 aircraft will be determined in due course.

Currently operating a fleet of over 300 aircraft, IndiGo already has outstanding orders for 480 aircraft, expected to be delivered by the end of this decade.

With this new firm order for 500 aircraft in the 2030-2035 time-frame, IndiGo’s order-book now boasts almost 1,000 aircraft, securing a steady stream of deliveries well into the next decade.

IndiGo’s order comprises a combination of A320NEO, A321NEO, and A321XLR aircraft.

“This substantial investment further strengthens the strategic partnership between IndiGo and Airbus, which has been evolving since the airline’s inception in 2006. In fact, IndiGo has now ordered a remarkable total of 1,330 aircraft from Airbus, reflecting their confidence in the A320 Family and their commitment to growth,” it said.

The fuel-efficient A320NEO Family aircraft align perfectly with IndiGo’s vision of reducing operating costs and enhancing fuel efficiency, while maintaining exceptional reliability standards.

“With a young and fuel-efficient fleet, IndiGo aims to achieve its sustainability goals, building upon the already impressive 21 per cent reduction in CO2 emissions between FY16 and FY23. The airline anticipates welcoming 100 million passengers on board this year, solidifying its role as a vital contributor to India’s aviation landscape,” it said.

Expressing the magnitude of the order, Pieter Elbers, CEO of IndiGo, said that it is difficult to overstate the significance of IndiGo’s new historic order for 500 Airbus A320 Family aircraft.

“An order book now of almost 1.000 aircraft well into the next decade, enables IndiGo to fulfill its mission to continue to boost economic growth, social cohesion and mobility in India. At IndiGo, we take pride in being India’s preferred airline for connectivity in and with India; and by doing so, being one of the leading airlines in the world. This order strongly reaffirms IndiGo’s belief in the growth of India, in the A320 Family and in our strategic partnership with Airbus,” said Elbers.

ALSO READ: Event to reimagine the startup landscape in India

Categories
Business

Mark Sutch appointed as IndiGo’s Cargo Int’l CCO

Mark is a British and Irish national and has spent most of his career on international assignments…reports Asian Lite News

IndiGo airline has appointed Mark Sutch as its new Chief Commercial Officer – CarGo International.

Mark brings with him 25 years of airline industry experience across different verticals, including extensive cargo experience. Mark’s most recent assignment was as Chief Commercial Officer with CMA CGM Air Cargo based in Marseille.

Prior to that he was with Cathay Pacific Airways, including being based for five years in Mumbai as the airline’s Regional General Manager for South Asia, Middle East and Africa, said the airline on Thursday.

He also previously ran all commercial aspects of Cathay Pacific’s cargo division in their Hong Kong head office.

Mark is a British and Irish national and has spent most of his career on international assignments.

“From March 1, 2023, we are organising the Cargo business by having two business leaders for cargo, focussing on the domestic and international business, respectively. Mahesh Kumar Malik, Chief Commercial Officer — CarGo Domestic, will continue leading the domestic market for our CarGo business,” said the airline.

Mark Sutch said on his appointment, “I am very excited with this opportunity at IndiGo. As the airline’s international network and frequency grows, there is an opportunity for IndiGo to build world- class cargo products and solutions using both its A321 freighters and extensive belly capacity. This will support India’s growing air CarGo export and import demand. I look forward to being part of the great IndiGo success story.”

Speaking on the appointment, Pieter Elbers, Chief Executive Officer, IndiGo, “We are pleased to welcome Mark Sutch as our CCO- CarGo International. Mark brings a wealth of industry experience that will support IndiGo to further expand our CarGo business. I would like to thank Mahesh for filling in the two Cargo roles combined for the past period and please join me in wishing Mahesh and Mark all the very best in their new roles in taking Cargo business for IndiGo to even greater heights.”

IndiGo inducted its first A321 CarGo freighter in November 2022, followed by the second aircraft in December.

With the consistent efforts on expansion, the airline operated its first domestic freighter flight between Delhi to Mumbai and first international flight between Kolkata to Yangon in November 2022.

“With IndiGo’s continuous focus on expansion of our fleet and the significant opportunities and plans that we foresee in the cargo business, it has been decided that we will further strengthen and focus our cargo organisation,” the airline added.

ALSO READ-Fuel crisis cripples Pakistan

Categories
-Top News UAE News

People with single name on passport can’t fly to UAE

UAE permits one year residency visa for Ukrainians

The statement from the carrier said that both first and last names need to be clearly declared….reports Asian Lite News

The authorities of United Arab Emirates told trade partner IndiGo airlines that passengers with a single name on passport who are travelling on tourist, visit or any other type of visa shall not be allowed to/from UAE with effect from Monday.

This means that both first and last names need to be clearly declared.

The statement said, “As per instructions from the UAE Authorities, effective 21st November 2022, passengers with a single name on their passports travelling on tourist, visit or any other type of visa shall not be allowed to travel to/from UAE.”

According to the statement from the low-cost carrier, the authorities of UAE also said that however, passengers with single name on passport and in possession of a residence permit or permament visa shall be allowed to travel provided the same name is updated in “first name” and “surname” column.

The statement from the carrier said, “However, passengers with a single name on passports and in possession of a residence permit or employment visa shall be allowed to travel provided the same name is updated in the “First Name” and “Surname” columns.”

The airline also asked people to contact their account manager or visit their website goindigo.com, for further details.

Other airline services such as Air India Express and SpiceJet have reportedly advised UAE travellers to ensure that their passports contain both their primary (First Name) and secondary (Surname/Last Name) names.

According to a report by Dubai-based Khaleej Times, several Indian citizens without their surnames on passports are being barred from flying out of the country, after multiple airlines implemented the new instructions.

Although the new rules are effective immediately, travel agents are requesting people to wait for further information before applying for a visa, or making any changes to their existing documents, the Indian Express reported. (with inputs from ANI)

ALSO READ: ‘WE THE UAE 2031’, VP Unveils 10-Year Vision

Categories
Business Travel

IndiGo adds Ras Al Khaimah as 100th destination in 6E network

These flights are designed to cater to business and leisure travellers who are constantly on the lookout for new and affordable flying options…reports Asian Lite News

IndiGo, India’s leading carrier, announced Ras Al Khaimah as its 100th destination in 6E network. The airline will commence new direct flights between Mumbai and Ras Al-Khaimah, effective September 22, 2022. Ras Al-Khaimah was also named as Gulf Tourism Capital for the year 2020 and 2021 by Gulf Cooperation Council.

Mr. Sanjay Kumar, Chief Strategy and Revenue Officer, IndiGo said, “We are pleased to announce our entry into the fourth Emirate with Ras Al-Khaimah as our 26th international and 100th overall destination. These new flights will cater to the high demand for travel to Ras Al Khaimah, with India being the third largest international source market for the city in 2021, and traffic expected to reach pre-pandemic levels this year. RAK is also focussing on becoming the regional leader in sustainable tourism, which aligns well with our overall focus on sustainability. The increased connectivity will not only bolster trade but also strengthen sustainable and responsible tourism between the countries. Our expansion to connect the 100th destination is a testament to our efforts to stay true to our promise of affordable fares, on-time performance, courteous and hassle-free service across a wide network, onboard our lean clean flying machines.”

Apart from being the 100th destination, Ras Al-Khaimah is also the 4th city in the emirates, 11th destination in Middle East, and 26th international location in 6E network. The passengers can experience nature as well as authentic offerings along with beaches and Hazar mountains. Some of the tourist destinations at Ras Al-Khaimah include Sunset at Jebel Jais, Zipline Down Jebel Jais’ slope, Dhayah Fort, National Museum, Khatt Springs amongst others. RAK is a popular destination for leisure travellers, destination weddings and incentives targeting the MICE segment.

These flights are designed to cater to business and leisure travellers who are constantly on the lookout for new and affordable flying options to access destinations which help in building businesses and are known for their tourist attractions. Customers who wish to plan their travel can book tickets via our official website www.goIndiGo.in. The introduction of these flights will further bolster the airline’s domestic and international connectivity.

Flight Schedule:

His Excellency Sheikh Salem Bin Sultan Al Qasimi, Chairman of The Department of Civil Aviation Ras Al Khaimah & Ras Al Khaimah International Airport said: “Ras Al Khaimah International Airport’s partnership with IndiGo airlines is a significant step forward in getting back to a normal footing post the pandemic. We welcome them whole heartedly and we are enthusiastic to address the increased passenger flow from the Indian subcontinent. Ras Al Khaimah’s thriving tourism & industrial sector will benefit from this connectivity and I am confident that this partnership will prove to be an important piece in our ongoing expansion strategy for the airport.”

The CEO of Ras Al Khaimah International Airport, Mr. Atanasios Titonis commented: “We are happy to have IndiGo airlines as our partner. Our team along with IndiGo’s team have been working several months together to achieve this main step for our airport and to boost tourism for Ras Al Khaimah as an Emirate. Indigo’s working values are great, and their vision is commendable, and they are the right airline partners in our portfolio as we are on our way to transition into a destination airport. We envisage a huge array of opportunities coming in from the Indian subcontinent with the start of this operation as Mumbai is a major airline hub and it can further connect our passengers to several destinations within India and also other international destinations served by IndiGo.”

About IndiGo

IndiGo is amongst the fastest growing low-cost carriers in the world. IndiGo has a simple philosophy: offer fares that are low, flights that are on time, offering a courteous, hygienic, and hassle-free travel experience. With its fleet of 280+ aircraft, the airline is operating over 1600 daily flights and connecting 74 domestic destinations and 26 international destinations. For more information, please visit www.goIndiGo.in or download our mobile app. You can also connect with us on Facebook, Twitter and Instagram.

ALSO READ-Indigo revenue rises four fourfold, hits 130.2 bn

Categories
Business

Indigo revenue rises four fourfold, hits 130.2 bn

It said that the profit, before foreign exchange loss, was Rs 3,603 million, compared to a loss of Rs 28,069 million. Besides, the airline witnessed a net loss of Rs 10,643 million, compared to a net loss of Rs 31,742 million…reports Asian Lite News

Leading carrier Indigo, announcing its latest financial results on Wednesday, said that the first quarter of fiscal 2023 witnessed its strongest revenue performance, resulting in the highest-ever quarterly revenue of Rs 130.2 billion.

“Headwinds caused by depreciating rupee and higher fuel prices led to a net loss of Rs 10,643 million for the quarter ended June 2022. Excluding foreign currency loss of Rs 14,246 million, net profit for the quarter aggregated to Rs 3,603 million,” the airline said.

For the quarter ended June 30, 2022 compared to the same period last year, the airline reported that passenger numbers increased by 221.9 per cent, yield improved by 50.3 per cent and load factor improved by 20.9 points. It said that revenue from operations increased by 327.5 per cent to Rs 128,553 million and capacity increased by 145 per cent. Indigo also said that the period recorded rise in the fuel prices by 95.5 per cent.

It said that the profit, before foreign exchange loss, was Rs 3,603 million, compared to a loss of Rs 28,069 million. Besides, the airline witnessed a net loss of Rs 10,643 million, compared to a net loss of Rs 31,742 million.

CEO, Ronojoy Dutta said: “Our revenue performance this quarter was impressive. We reported the highest-ever revenue generated by the company and thereby produced profits at an operational level. However, cost pressures on fuel and foreign exchange prevented us from translating this strong revenue performance into net profitability. While our financial performance in the second quarter will be challenged by weak seasonality, the long-term revenue trend remains strong.”

Total income for the quarter ended June 2022 was Rs 130,188 million, an increase of 310.7 per cent over the same period last year, said Indigo.

“For the quarter, our passenger ticket revenues were Rs 114,669 million, an increase of 399.1 per cent and ancillary revenues were Rs 12,863 million, an increase of 92.5 per cent compared to the same period last year,” it said.

ALSO READ: Reliance Industries Q1 profit jumps 41%

Categories
Business India News

Indigo launches 100 flights in domestic metro cities

The airline operates over 1,500 daily flights connecting 73 domestic and 24 international destinations…reports Asian Lite News

Airline major IndiGo will launch 100 flights connecting key domestic metro cities and regional centres, starting from March 27, 2022.

Accordingly, the airline will introduce flights on 20 exclusive routes effective March 27, 2022.

Besides, it will commence Regional Connectivity Scheme (RCS) route from Prayagraj-Lucknow on the same day.

Furthermore, it plans to re-commence 16 exclusive flights.

According to Sanjay Kumar, Chief Strategy and Revenue Officer, IndiGo: “These new and recommenced routes will not only enhance our domestic connectivity across regions, but also cater to the city-specific travel demand.”

“Reinforcing inter and intra-regional connections between north, east, south, and west, these flights will also promote trade and tourism across the regions. We will continue to offer new routes as per the travel demand on various sectors.”

At present, IndiGo has a fleet of over 275 aircraft.

The airline operates over 1,500 daily flights connecting 73 domestic and 24 international destinations.

ALSO READ-India’s mobile phone exports to touch $5.5 bn

Categories
Business

Rakesh Gangwal resigns as indiGo director

On Friday, Gangwal, in a resignation letter, said he plans to gradually reduce his stake in the company over the next five-plus years which allow him to benefit from some of the upside…reports Asian Lite News

InterGlobe Aviation’s non-executive, non-independent director and co-founder Rakesh Gangwal on Friday tendered his resignation from the company’s board with immediate effect.

The development assumes significance as indicates a truce between the airline’s co-founder and promoters — Rahul Bhatia and Gangwal — after a dispute over shareholders agreement.

Earlier this month, the airline major appointed Bhatia as the Managing Director to focus on expanding the airline’s presence in India and international markets and sought shareholders’ approval.

On Friday, Gangwal, in a resignation letter, said he plans to gradually reduce his stake in the company over the next five-plus years which allow him to benefit from some of the upside.

“I have been a long-term shareholder in the Company for more than 15 years and it’s only natural to someday think about diversifying one’s holdings. Accordingly, my current intention is to slowly reduce my equity stake in the Company over the next 5 plus years. While new investors should benefit from the potential future growth in the Company’s share price, a gradual reduction of my stake should also allow me to benefit from some of the upside. Like any plan, future events may impact my current thinking,” his resignation letter read, which the company attached with a regulatory filing.

“However, I am concerned about the optics of reducing my holdings even though such transactions would only be undertaken when I do not have any unpublished price sensitive information (UPSI). As you are aware, on an ongoing basis, the company provides us information and some of this is UPSI. Being a co-founder, co-promoter and Director, this issue takes on great significance,” the letter read.

ALSO READ-Investors turn from growth to value stocks