Jet Airways reportedly announced the Foreign Investment Promotion Board (FIPB) approved its proposal to raise USD400 million through a share issue to qualified foreign institutions (excluding airlines) (Economic Times, 12-Oct-09). The carrier now requires Indian Government approval.
Jet Airways foreign share issue proposal moves to next stage
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Virgin Atlantic seeks new partners in Asia and other eastbound markets, but imminent deals unlikely
In an interview with Bloomberg on 15-Jun-2016, Virgin Atlantic CEO Craig Kreeger said that the airline was open to "accords" that would complement the North Atlantic joint venture with its 49% shareholder Delta. These would be "most likely focused on Asia and other eastbound markets" where Virgin reduced its exposure after the Delta deal.
Although 'Asia and other eastbound markets' are both the world's largest and fastest-growing aviation markets, Virgin has reduced its exposure to Asia Pacific and Middle East since Delta acquired a 49% stake in the UK airline in 2012 and subsequently formed its North Atlantic JV in 2013. Virgin withdrew from Mumbai and Tokyo Narita in 2015, after dropping its Australia route in May-2014.
Mr Kreeger also said that Virgin was looking at adding to its existing seven codeshare partners, which are Air China, Air New Zealand, All Nippon Airways, Delta, Flybe, Jet Airways and Singapore Airlines. This report considers which airlines in "Asia and other eastbound markets" might make attractive partners for Virgin Atlantic, whether through new JVs or codeshares. Mr Kreeger may be open to JVs in the region, but he will first need to increase Virgin's very small online presence in Asia. Imminent new deals seem unlikely. In reviewing likely attractive enhanced relationships, Delta's interests will form one ingredient, but Virgin Atlantic remains an airline in its own right.
India’s aviation market surges 20% on economic growth and low fuel prices
Indian aviation is, after many years of promise, seemingly starting to deliver on its potential. It is currently the fastest-growing major aviation market in the world. With strong GDP growth of around 7.5% India is surging ahead of China in the economic growth stakes.
Meanwhile, the decline in oil prices has supported lower fares, driving year-on-year domestic traffic growth in excess of 20%. Its airlines are even starting to make money.
LCC, IndiGo, established less than a decade ago, has become the dominant player in the domestic industry. At the end of the Indian financial year, on 31-Mar-2016, IndiGo was the largest airline in the domestic market with a passenger share of 38.4%, followed by Jet Airways at 20.2%. LCCs accounted for 61.7% of domestic traffic.