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Airlines suspends some operations,
asks 50% staff to sit at home
PTI Mar 27, 2012, 03.43PM IST
Tags:
Vijay Mallya|
Kingfisher layoffs|
Kingfisher Airlines Ltd.|
FDI in aviation
2. NEW DELHI: Ailing Kingfisher Airlines today said it has temporarily suspended
operations from several major cities, including Kolkata and Hyderabad, and has asked
nearly half of its 7,000-odd employees to stay at home till it managed to infuse fresh
funds.
The airline, burdened by a debt of over Rs 7,000 crore, also did not rule out laying off
some staff saying a decision on the issue would depend on various decisions to be
taken by the government and its bankers about funding and related issues.
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With a major cash-crunch leading to delayed payments of salaries and other dues for
over three months, a spokesperson said the airline was putting in place a "holding plan"
pending re-capitalisation and "there are several stations to which operations have been
temporarily suspended".
"Since we could resume operations after getting re- capitalised, most staff at these
stations have been asked to stay at home whilst remaining on the Company's rolls," an
airline spokesperson said.
Airline sources said the cash-strapped carrier, which used to fly to about 60
destinations, would now fly to less than 30 cities. Among the destinations from where
operations were being temporarily suspended were Kolkata, Hyderabad, Patna,
Lucknow, Thiruvananthapuram and Bhubaneshwar.
They said that between 40-50 per cent of about 7,000 staff have been asked to stay at
home, but they would remain on the Kingfisher rolls.
3. Regarding speculation about the airline's plans to retrench some staff, the
spokesperson said "we are in a 'holding' pattern right now and are waiting for various
decisions from the Government and our consortium of bankers on FDI policy, working
capital funding, etc. All of these will have a major impact on the staffing decisions we
will have to make."
The Kingfisher spokesperson said the airline has begun this year's summer schedule by
operating approximately 120 daily flights with 20 dedicated aircraft.
For the past two months, it was flying 28 planes and 140 flights as part of a curtailed
winter schedule as against 400 daily flights with 64 aircraft it had proposed earlier.
Kingfisher has also paid Rs 44 crore towards TDS arrears, which was due on or before
March 27, as directed by the Income Tax Appellate Tribunal in Bangalore, the
spokesperson said.
"Our keen intent is to get re-capitalised and to bounce back as a major player in civil
aviation .... We will also protect the interests of all stakeholders, suppliers and service
providers as an integral part of our recapitalization plans," he said.
A consortium of 13 PSU banks, including State Bank of India, have an exposure of Rs
5,608.07 crore to Kingfisher as on February this year, including Rs 1,408.45 crore for
SBI alone. The airline has an accumulated loss of over Rs 6,000 crore.
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IN-DEPTH COVERAGE
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You are here: Home BrandGuide Airlines Indigo Airlines
Indigo Airlines
< GoAir.. Japan Airlines..>
2
IndiGo
Parent Company InterGlobe Enterprises
12. Category Indian domestic sector
Sector Airlines
Tagline/ Slogan Go IndiGo
USP On Time Performance, Lowest Price
STP
Segment Cost Conscious Passengers
Target Group Lower Middle Class / Middle Class
Positioning Low Cost No Frills
SWOT Analysis
Strength
1. Strong backing Promoters and is one of the largest low cost
carriers in India
2. Only LCC to make consistent profits
3. It has one of the major airlines in India in terms of market share
4. LCC which has entered international markets has boosted its
brand value
5. Good advertising and marketing strategies have increased its
brand recall
Weakness
1.Not on too many routes as compared to competitors
2. Still has to establish itself on international destinations
Opportunity
1. Opening up of International routes
2. Largest Marketshare among LCCs in Indian Market
3. Middle Class taking to the skies
Threats 1. Plenty of new LCCs to compete with
2. Rising Labour costs and changing govt policies
13. 3. Rising Fuel Costs
Competition
Competitors
1.Go Air
2.Spicejet
3.Kingfisher Red
4.JetKonnect
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Similar Brands in the same Sector:
Mudra Communications
UnitedContinental Holdings
ScandinavianAirlines SAS
SkyWest Airlines
LAN Airways
← GoAir... Japan Airlines...→
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