Despite embarking on a ferocious price war with its rivals to lure in more fliers, Indian carrier SpiceJet Ltd has hit a turbulent path for itself as it is cash-strapped even to buy spare parts for its aircraft.
The Kalanithi Maran-backed SpiceJet Ltd recorded its biggest ever loss of Rs 1,003.24 crore last fiscal which was followed by talks of getting funding to sustain the business.
However, things are not going the right way for the once-upon-a-time largest Indian budget carrier as it is reportedly struggling to keep its fleet fit for the skies. The airlines has resorted to a 'Christmas Tree', a term used in the aviation industry for planes that get their parts from other aircraft. And a such a situation comes up only when an airlines is extremely cash strapped.
Read News in full 03/06/14 First Post
The Kalanithi Maran-backed SpiceJet Ltd recorded its biggest ever loss of Rs 1,003.24 crore last fiscal which was followed by talks of getting funding to sustain the business.
However, things are not going the right way for the once-upon-a-time largest Indian budget carrier as it is reportedly struggling to keep its fleet fit for the skies. The airlines has resorted to a 'Christmas Tree', a term used in the aviation industry for planes that get their parts from other aircraft. And a such a situation comes up only when an airlines is extremely cash strapped.
Read News in full 03/06/14 First Post
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