SpiceJet Settles 10 Months of Pending PF and Salaries for Employees

07 Oct 2024 CW Team

SpiceJet announced that it had deposited the pending salaries and provident fund contributions of its employees, which had been due for ten months. The airline also confirmed that it had successfully reached settlements with several lessors.

SpiceJet was pleased to report that within the first week of raising fresh funds through a Qualified Institutional Placement (QIP), it had cleared all outstanding salary and GST dues. Additionally, significant progress had been made in depositing ten months of provident fund dues, with the process of settling other pending liabilities still underway. The company also highlighted that it remained on track with the financial and operational plan laid out in its QIP strategy.

Last month, SpiceJet raised Rs 30 billion through the QIP, which opened on September 16 and closed on September 18. The placement received an overwhelming response from qualified investors and was significantly oversubscribed, reflecting strong confidence in the company's growth prospects. The QIP attracted a diverse group of top-tier institutional investors and mutual funds, including Goldman Sachs (Singapore), Morgan Stanley Asia, BNP Paribas Financial Markets ODI, Nomura Singapore Ltd ODI, Tata Mutual Fund, and Discovery Global Opportunity, among others.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..