The Hindu Business Line : SpiceJet plans to raise $90 m

SPICEJET Ltd, formerly Royal Airways Ltd, plans to raise up to $90 million from foreign currency convertible bonds (FCCBs) to fund its fleet expansion and roll-out plans. The details of the FCCB issue will be finalised at an EGM in June.

On Wednesday, Royal Airways also announced its name change to SpiceJet Ltd after getting clearances from the Registrar of Companies.

According to an official statement, the new name has been selected keeping in mind the brand identity of the airline, which is a "mélange of modern cosmopolitan outlook and Indian ethos".

The company has placed an order for 20 Boeing 737-800 aircraft for the low-cost, no-frills service under the `SpiceJet' brand.

The first batch of 10 aircraft is scheduled for delivery in January 2006.

The statement, quoting Mr Ajay Singh, Director, said: "We are on course to launching our services and pursuing our long-term growth strategy."

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
SpiceJet plans to raise $90 m

`Common Man' to endorse Air Deccan

Air Deccan expects Rs 1,000-cr revenue

Cargo traffic link from Coimbatore established
`Doors open for more global air freighters to tap potential'

Panel for more copter flight instructors in DGCA

AI to benefit more from acquisition: Boeing

Kingfisher gets DGCA permit

DLF group to pick up stake in Bharti-Changi consortium

JNPT's channel deepening project — Finance Ministry rejects proposal for Govt equity participation

Kandla Port on expansion drive

ABG Heavy Engg to operate Kandla container terminal

XPS to team up with Russian major