CFM
CFM ARC offers to buy Rs 580cr debt of harbour heights at 34% discount
The Harbour Heights project, a joint venture between Radius Group and Sumer BuildCorp, has a total debt exposure of around ₹580 crore. CFM ARC has proposed a bid of ₹386 crore to Standard Chartered Bank and PNB Housing Bank together, structured with a payment ratio of 30:70, where 30% will be paid in cash and 70% in the form of security receipts.
The right bet: Rakesh Jhunjhunwala's dream is set to soar higher
Exiting 2023 with a fleet size of 22 aircraft, including 21 Boeing 737 MAX 8 and one Boeing 737 MAX 8 200, the first of its kind in Asia, Akasa Air is ready for its next phase of growth. It further fuelled its international flying ambitions when in January the new airline welcomed two Boeing 737 MAX 8 aircraft to its growing fleet. Since it started flying in 2022, Akasa has garnered a market share of 4 per cent as against another low-cost but much older airline SpiceJet's 5.6%.
IndiGo signs financing pact with BOC Aviation for 4 Airbus A320NEO aircraft
BOC Aviation has signed a finance lease transaction with IndiGo for four Airbus A320NEO aircraft. The deal supports IndiGo's expansion strategy and fleet modernization efforts. The A320NEO aircraft are powered by CFM LEAP-1A engines, with all four scheduled for delivery in 2024. The partnership aims to strengthen IndiGo's position in both domestic and international markets.
Akasa buys over 300 CFM engines at list prices of $5 billion
Indian low fare carrier Akasa has purchased over 300 engines from CFM International for its Boeing aircraft order. The deal includes a comprehensive maintenance agreement and a spare engine contract. Akasa CEO Vinay Dube confirmed that the airline is not facing any delays in engine deliveries on its current fleet and expects none in the future.
SpiceJet, Sharjah's Sky One & Africa-focused Safrik Investments try late check-in for bankrupt Go First
Shailendra Ajmera, the resolution professional (RP) managing Go First's corporate insolvency resolution process (CIRP), received requests from these entities- Sharjah-based aviation company Sky One, Africa-focused Safrik Investments and local airline SpiceJet- for conducting due diligence of the grounded airline during the past 10 days, people familiar with the matter said.
RITES signs pact with CFM Mozambique for supply of 10 diesel locomotives
State-owned RITES Ltd has signed an agreement with CFM Mozambique for the supply of ten diesel locomotives and incidental services, with a total cost of USD 37,680,080 (Rs 314.1 crore). The contract has been finalized for the procurement of the locomotives.
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Akasa Air expands network with daily flights between Bengaluru and Port Blair via Chennai
Akasa Air has expanded its network by adding Port Blair, offering daily flights between Bengaluru and Port Blair via Chennai. The new route aims to cater to the strong air travel demand and the attractiveness of Port Blair as a tourist destination.
Calcutta High Court voids SBI's sale of Atibir Industries' loans to CFM ARC
This decision comes as SBI had categorised the loan as a non-performing asset (NPA) in 2020 when a central bank circular prohibited banks from classifying accounts as NPAs due to the ongoing pandemic.
CFM ARC invokes corporate guarantee issued by Reliance Power for Vidarbha Industries Power
Reliance Power has disputed the amount claimed by CFM and added that the value of assets is sufficient to recover the money. Last month, CFM ARC became the new and sole lender of Vidarbha Power after it acquired loans from lenders at Rs 1,265 crore in an all-cash deal.
India has scope for 130-150 more wide-body aircraft: GE Aerospace
India's civil aviation market has the potential to add 130-150 more wide-body planes as airlines expand and consider deploying them in dense domestic routes, according to GE Aerospace South Asia CEO Vikram Rai. Currently, there are only about 50 wide-body aircraft in India's fleet of 700 commercial planes.
CFM ARC raises offer for Vidarbha Industries
"In a meeting held today lenders asked CFM ARC to improve the bid amount to ₹1,265 crore from ₹1,220 crore and close the transaction," said a bank source. "CFM ARC has deposited the entire amount in two tranches by the end of the day."
Aditya Birla ARC, Reliance ARC & Arcil in shortlist for Vidarbha Inds
Lenders of Vidarbha Industries Power will hold a Swiss challenge auction on August 8 among the three shortlisted asset reconstruction companies (ARCs), said people aware of the development. Lenders have shortlisted Aditya Birla ARC, Avenue Capital-backed Asset Reconstruction Company of India (Arcil) and Reliance ARC as eligible candidates to submit counter offers for the sale of the distressed power company, the people said.
Air India finalises 800 LEAP engine order to power its new fleet
Air India has confirmed its order for 800 CFM International Leap-series engines to power its fleet of 210 Airbus A320neo/A321neos and 190 Boeing 737 MAX family aircraft. The aircraft engine manufacturer added that the Indian airline had signed a multi-year services agreement covering the entire LEAP engine fleet.
Vidarbha Industries' lenders pick CFM as anchor bidder
In the last few weeks, CFM ARC and the promoter have been outbidding each other in making unsolicited offers to the lenders for the distressed thermal power company, as reported by ET on June 22.
Reliance Power makes a higher offer to lenders for Vidarbha Industries
Reliance Power and CFM offered upfront cash, while NARCL’s offer is a combination of cash and security receipt. Early this month, CFM ARC improved its offer to `1,220 crore while Reliance Power made a revised offer of `1,260 crore. The offer by the promoter is backed by Varde Partners, which acquired a 15% equity stake in the company by infusing `930 crore in September last year. A Reliance Power spokesperson said: "We are committed to maximise the value for our lenders.
CFM ARC offers Rs 1,000 crore for troubled Vidarbha Power's loans
However, the offer from Mumbai-based CFM ARC, an asset reconstruction company, is conditional. It offered upfront payment to the consortium leader Axis Bank only if all lenders agreed to sell their loans. The ARC's offer comes within months of a landmark Supreme Court order that rejected a petition by Axis Bank to admit the company for insolvency.
SBI sells loan of Atibir Industries to CFM Asset Reconstruction Company
The all-cash sale indicates a recovery of 73 paise on a rupee of the principal amount outstanding for SBI. The bank had informed interested bidders that it would auction the loan under the Swiss challenge method based on an anchor bid. CFM ARC made the anchor bid and there were no counter bids, two people close to the development said.
Go First may sue Raytheon over Pratt & Whitney engine isues
Sources said while Go First has sought compensation for the loss in business, the aerospace company has refused to pay for it resulting in violation of contractual agreement.
RBI showcauses ARCs after audit following Income Tax raids
In December 2021, the I-T department carried out a search and seizure of 60 premises of four ARCs - Omkara ARC, Rare ARC, CFM ARC, and Invent ARC. The searches, according to the department, revealed that some ARCs adopted various unfair and fraudulent trade practices in acquiring non-performing assets (NPAs) from lender banks.
IndiGo, Go First face P&W engine headwinds; over 50 planes on ground
A senior government official told PTI that there are at least 25 aircraft each of IndiGo and Go First that are on the ground due to P&W engine problems, and the engine maker is not able to ensure timely deliveries on account of supply chain disruptions. However, according to flight tracking website flightradar24.com, as many as 39 aircraft of IndiGo, comprising 28 A320 neo and 11 A321 were on ground as on February 26.
Airbus to deliver first A350 plane to Air India by end of this year: Airbus India head Remi Maillard
Remi Maillard, President and Managing Director of Airbus India and South Asia, said the company was very proud that the Tata Group has chosen A350 and A320 planes for Air India, adding that the magnitude of the order shows the appetite for growth in the Indian aviation industry, which is the fastest growing aviation market.
Tata's Air India to seal half of jumbo plane order today
After months of closely-guarded, tough negotiations, Air India is set to place an order for 190 Boeing 737 MAX narrowbody planes as well as some 20 Boeing 787s and 10 Boeing 777X on a day marking one year since Tata Group took control of the former state-run carrier, the sources told Reuters.
Airbus may delay some 2023 jet deliveries -sources
Jetliner and engine makers are battling supply chain and labour problems, but so too are the worldwide repair shops needed to help airlines meet a sharper than expected recovery in demand by keeping their existing aircraft in service. The logjam in repair capacity has left dozens of planes grounded as their engines are late coming out of overhaul, and that in turn has created competition for engines between new aircraft assembly lines and spares for the existing fleet.
Air fare in holidays season to peak as airlines struggle to induct capacity due to engine shortage
A global shortage of aircraft engines and spares is threatening the expansion plans of several Indian airlines which were preparing for an expected robust recovery in air travel in the upcoming festival season, according to industry executives.
Go First grounds over a fifth of its planes on engine shortage
The airline, which is considering an initial public offering, has grounded about a dozen of its 57 planes for weeks as it awaits delivery of the upgraded versions of the PW1100G geared turbofan engines which power the A320neo aircraft. Go First, previously GoAir, had sent the earlier engines to the American manufacturer in January and the upgraded versions were to be delivered in five months,
Three in-flight engine shutdowns in India spark probe
All three incidents, the people said, involved engines made by CFM International Inc., the GE-Safran joint venture. All the planes landed safely. The incidents involved two Airbus SE A320neo jets, operated by Air India Ltd., and a Boeing Co. 737 Max aircraft, operated by Indian carrier SpiceJet Ltd., according to the people.
Airlines’ three in-flight engine shutdowns spark probe in India
All three incidents, the people said, involved engines made by CFM, a joint venture between GE and France’s Safran SA. All the planes landed safely. The incidents involved two Airbus SE A320neo jets, operated by Air India Ltd., and a Boeing Co. 737 Max aircraft, operated by Indian carrier SpiceJet Ltd., according to the people.
Rakesh Jhunjhunwala's Akasa Air signs $4.5 billion deal with engine maker CFM International
Akasa is an initiative of Dube and his colleagues Praveen Iyer, chief commercial officer and head of technology Anand Srinivasan and counts former IndiGo president Aditya Ghosh as a co-founder. It received a no-objection certificate, the first government approval on October 11 and aims to start operations in the middle of 2022.
Vistara receives first purchased A320neo aircraft from Airbus' production facility in France
Vistara has nine A320ceo, 27 A320neo, two Boeing B787-9 and six Boeing 737-800NG aircraft in its fleet.
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