SpiceJet Ltd

BSE: 500285 | NSE: MODILUFT | ISIN: INE285B01017 
Market Cap: [Rs.Cr.] 1,153.94 | Face Value: [Rs.] 10
Industry: Transport - Airlines

Company Profile

SpiceJet Ltd is India's best low cost airline, delivering the lowest air fares with the highest consumer value. The company operates 119 flights daily to 18 cities, namely Ahmedabad, Bangalore, Bagdogra, Chennai, Coimbatore, Delhi, Guwahati, Goa, Hyderabad, Jammu, Jaipur, Kochi, Kolkata, Mumbai, Pune, Srinagar, Varanasi and Visakhapatnam. Spicejet Ltd was incorporated in the year 1984 with the name Genius Leasing Finance and Investment Company Ltd. In the year 1993, the company ventured into domestic aviation operations under technical partnership with Deutsche Lufthansa AG. In the year 1994, the name of the company was changed from MG Express to ModiLuft Ltd. In June 1994, the company entered into a management agreement with Lufthansa to manage their entire Airline operations. The company suspended their Airline operations in the year 1996 after dissensions grew between Lufthansa and the company. During the year 2000-01, the name of the company was changed from ModiLuft Ltd to Royal Airways Ltd. The company started their commercial operations of domestic flight services on May 23, 2005 with three leased Boeing 737-800 aircraft. During the year 2004-05, they signed an agreement with Boeing for acquiring 20 (737-800) aircrafts and in May 4, 2005, the company changed the name of the company from Royal Airways Ltd to SpiceJet Ltd. In May 5, 2005, they entered into a strategic tie up with Indian Oil Corporation Ltd. During the year 2005-06, the company integrated with various travel related website like Indiatimes, makemytrip, travelguru and cleartrip to boost their sales through internet. They also entered into a sale and lease back agreement with Bacock & Brown Aircraft Management along with its long-term strategic partner Normura Babcock & Brown Co Ltd covering sixteen brand new Boeing 737-800/-900ER aircraft valued at over USD 1.1 billion based on the manufacturer's list prices. In November 2005, the company launched their daily direct flights between Delhi and Kolkata. They also launched their services to two new spice cities namely, Jammu and Srinagar. In March 27, 2006, the company launched their first co-branded credit card with State Bank of India in association with MasterCard International. During the year 2006-07, the company inducted five new aircraft to their fleet taking the total fleet strength to eleven aircraft. They started sale of food on board during the year. In August 17, 2006, the company launched Spicejet Hotels, with the aim of providing a dedicated online Web hotel reservation services to their customers. In October 2006, they launched new flights between Kolkata and Guwahati. In January 2007, they introduced two new additional daily flights on the Bangalore - Mumbai - Hyderabad routes. During the year 2007-08, the inducted eight new aircraft to their fleet taking the total fleet strength to nineteen aircraft. Out of eight, two were Boeing 737-900, the largest capacity domestic aircraft having seating capacity of 212 passengers. In May 2007, the company made a tie up with Tata AIG General Insurance to cover travel related risks of the airlines' domestic passengers. The insurance cover would be provided for accidental death, emergency medical treatment, trip cancellation, baggage loss, flight delays and trip interruption. In October 2007, the company signed an agreement with Air India for the wet lease of two of the Company's Boeing 737-800 aircrafts, for operating daily flights between Lucknow, Varanasi, Jaipur and Nagpur & Jeddah. In January 2008, the company made a tie up with BillDesk, which provides the SpiceJet customers an additional option to purchase and pay for their tickets, through their Internet Banking Accounts Online.

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Key Information

Key Executives:

Kalanithi Maran , Chairman

Kavery Kalanithi , Director

J Ravindran , Director

Nicholas Martin Paul , Director


Company Head Office / Quarters:

Murasoli Maran Tower 73,
MRC Nagar Main Road MRC Nagar,
Chennai,
Tamil Nadu-600028
Phone : Tamil Nadu-91-0124-3913939 / Tamil Nadu-
Fax : Tamil Nadu-91-0124-3913844 / Tamil Nadu-
E-mail : investors@spicejet.com
Web : http://www.spicejet.com

Registrars:

Karvy Computershare Pvt Ltd
Plot No 17-24 ,Vittal Rao Nagar ,Madhapur ,Hyderabad-500081

 
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