AKASA IPO
SoftBank's Sumer Juneja to join Oyo board
Sumer Juneja will join Oravel Stays Ltd as non-executive director, pending EGM approval, representing SoftBank Vision Fund. OYO, backed by SoftBank, reported Rs 100 crore profit in FY 2023-24, per founder Ritesh Agarwal. The board includes Aditya Ghosh, Dr. Deepa Malik, Troy Alstead (ex-COO of Starbucks), and W Steve Albrecht. SoftBank aims to boost OYO globally.
Akasa Air plans to list by end of decade
Indian airline Akasa Air plans to list on the stock exchange by the end of the decade, according to CEO Vinay Dube. The airline, which currently operates domestic flights to 16 destinations, plans to expand internationally by the end of the fiscal year and has placed an order for 76 Boeing 737 MAX aircraft. Dube stated that the company is generating free cash from operations and is well-funded for the new aircraft order.
Cheap tickets to stay as India’s airlines squabble on fare hikes
IndiGo, operated by InterGlobe Aviation Ltd., controls more than 50% of the domestic market. Nine other airlines compete for the rest, giving the fast-growing low-cost carrier commanding power over fares. Competition is set to heat up even further, with two other airlines preparing to launch services later this year in a market where tickets are often sold below operational costs -- a situation that has led to the demise of several high-profile carriers.
IndiGo should continue expanding domestic, 'regional international footprint': Rahul Bhatia
In an e-mail to employees on Tuesday, Bhatia, who was appointed as the Managing Director on February 4, said that he was looking forward to working closely with the management team just not only to establish and achieve near-term goals but also to get the company to be future ready for the massive opportunity that lies ahead.
Rakesh Jhunjhunwala will use stock options to lure staff for his airline
The carrier, which is preparing to start flying in late May, is taking the unusual approach of granting company shares to a bigger pool of top employees, rather than a select group of senior executives, as the aviation industry globally suffers from a talent shortfall.
