SPICEJET SET TO BUY 90 JETS FROM BOEING
Targeting expansion & to tap into the South Asian nation’s booming air travel market, low cost carrier SpiceJet is set to seal an order for at least 90 new 737 jets from Boeing, our sources told recently. The announcement for the 737 MAX aircraft – which includes at least 42 of the narrow body jets SpiceJet had previously agreed to buy from Boeing in 2014 – is expected as early as in the first quarter of 2017, the sources who were familiar with the matter, said. An agreement with SpiceJet, which has a current fleet of 40 planes, would be a much-needed boost for Boeing in India, as its rival Airbus has won record-sized orders with InterGlobe Aviation’s IndiGo, India’s biggest budget airline, as well as a recent deal with GoAir.
HINDUJA LEYLAND FINANCE RAISES RS250 CR
Hinduja Leyland Finance Ltd (HLF), the commercial vehicle financing unit of Ashok Leyland Ltd, has raised Rs250 cr. (about $37 million) from existing investors—Hinduja group entities and private equity investor Everstone Capital—through a rights issue. HLF is owned by Ashok Leyland and other entities of the Hinduja Group. “The rights issue saw participation from all existing shareholders including Ashok Leyland Ltd and Everstone Capital. Ashok Leyland being the largest shareholder, invested around Rs145 cr. through the rights issue,” according to the reports. All Hinduja group entities together owned around 84.63%, while Everstone Capital held a 14% stake. According to media reports, In July 2013, Everstone had invested Rs200 cr in Hinduja Leyland Finance Ltd. Everstone is an India- and Southeast Asia-focused private equity and real estate investment firm with assets under management of $3.3 billion.