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The Supreme Court on Monday asked the Centre to place before it within two weeks the rules framed under the Bharatiya Vayuyan Adhiniyam, 2024, which is aimed at modernising India's aviation sector. A bench of Justices Vikram Nath and Sandeep Mehta said the rules be placed before it in a sealed cover, irrespective of whether they have been placed before Parliament. The apex court passed the order while hearing a plea filed by social activist S Laxminarayanan, who has sought a robust and independent regulator that ensures transparency and passenger protection across the civil aviation sector, and regulatory guidelines to control the "unpredictable fluctuations" in airfare and ancillary charges imposed by private airlines in India. The counsel appearing for the Centre informed the bench that the draft rules are ready and they are in the process of translation. He said the rules have to be placed before Parliament. "We grant two weeks' time to the respondents to place before this cour
French company Simaero, which has set up its simulator training facility in India, plans to tap the country's local engineering talent in the specialised areas of simulator engineering and technology services. In a recent interview with PTI, Simaero's CEO Nicolas Moute said the company's long-term vision was to build a centre of excellence for aviation training that serves not only India but the wider South Asian region. "We are very optimistic about India. Every market has its challenges, but we see far more opportunities than obstacles," he said, adding that the company does not see any barriers that would prevent it from expanding its presence in the country. At the training facility in Gurugram, Haryana, the company recently launched its first Airbus A320 neo simulator and expects to add one or two more simulators in the near term, based on customer demand. "We could possibly expect to add a Boeing or regional ATR aircraft simulator. However, it would depend on our client's ...
Saudi Arabia-based Riyadh Air on Monday announced its entry into India with the launch of daily direct flight between Riyadh and Mumbai, starting August 4. The premium carrier, backed by Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), announced that bookings for the daily flight will open from July 6. The new daily air service between Mumbai and Riyadh will be operated by a Boeing B787-9 aircraft, offering a four-class configuration business elite, business, premium economy and economy. The latest route is a key addition to Riyadh Air's growing network, which now spans nine destinations with more set to be announced in the coming days and weeks, the airline said, adding that it also strengthens its mission to connect the Kingdom of Saudi Arabia with major global and regional hubs. "With India emerging as one of the fastest-growing aviation markets globally, we are delighted to offer travellers a new premium choice and enhanced global connectivity from Mumba
Adani Airport plans to invest more than Rs 20,000 crore in the first phase of a large-scale airport city development programme spanning over 655 acres across six airports in five states, as the company seeks to transform its aviation hubs into integrated commercial and urban destinations. The development, announced on Thursday by Adani Airport City Ltd (AACL) - a wholly-owned subsidiary of Adani Airport Holdings Limited (AAHL), India's largest private airport operator - will cover airports in Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Jaipur and Guwahati, with around 22 million square feet of mixed-use infrastructure planned in the initial phase. Nearly 70 per cent of the investment will be concentrated in Mumbai and Navi Mumbai, where the company controls close to 440 acres of land, reflecting the strategic importance of the Mumbai Metropolitan Region as India's largest aviation and commercial hub, it said in a statement. The projects will combine hotels, offices, retail, ...
Akasa Air plans to come out with its initial share sale in the next two to four years, depending on achieving various milestones, its Chief Financial Officer Ankur Goel said on Tuesday as he stressed that the airline's IPO is "not a question of if but a question of when". After taking to the skies in August 2022, the airline is slowly expanding its presence and currently flies to 34 destinations, including 7 international cities. The nearly four-year-old carrier, now, has a fleet of 39 planes and aims to have 226 aircraft by 2032. Responding to queries about the Initial Public Offering (IPO) at a briefing in the national capital, Goel said the time frame is going to be 2-4 years, depending on achieving various milestones such as being EBITDA positive, cash flow and profitability. "IPO will happen for us, it is not a question of if, it is a question of when, we are not creating an airline to do an IPO, we are creating an airline that really creates value...," he said, and also ...
The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the nature of the underlying transactions, which was "only round tripping of money" and not "any genuine financial transaction". In a strongly worded order, the appellate tribunal said the material on record "clearly proves" that there was no financial debt disbursed by the financial creditor (Religare Enterprises) to the corporate debtor (Ligare Aviation) for consideration of the time value of money, a key requirement under the Insolvency and Bankruptcy Code (IBC). Allowing appeals filed by Daiichi Sankyo Company, a Japanese global pharmaceutical company and a shareholder, NCLAT observed that the transactions in question were merely a "round tripping of money/layering of money" undertaken for "some undisclosed fraudulent purposes" and did not create any financia