CONTENTS

CHAPTER-1 INDUSTRY PROFILE

AN OVERVIEW OF AVIATION SECTOR

FACTORS INFLUENCING THE AVIATION

SECTOR

SIZE OF THE AVIATION SECTOR IN WORLD & INDIA

EVOLUTION AND CONTRIBUTION OF INDIAN

AVIATION SECTOR

HISTORY OF AVIATION SECTOR

LIST OF MAJOR AIRLINES IN INDIA

VISION, MISSION, CORE VALUES AND

QUALITY POLICY OF AVIATION SECTOR

CHAPTER-2 COMPANY PROFILE

HISTORY OF THE COMPANY

VISION, MISSION AND BELIEFS OF INDIGO

COMPANY
REASONS FOR THE SUCCESS OF INDIGO
AIRLINES
CHAPTER-3 CHAPTER-III-EXTERNAL ANALYSIS

SWOT ANALYSIS

COMPETITIVE RIVALRY OF INDIGO AIRLINES

AWARDS AND ACHIEVEMENTS
INDIAN AIR TRAVELS MARKET DOMINATED
BY INDIGO
CHAPTER -4 EXECUTIVE SUMMARY AND CONCLUSION

References
Bibliography
 INDUSTRY PROFILE

AN OVERVIEW OF AVIATION SECTOR

Aviation industry is one among the most important industries of any country because of
its economic and social viability. The aviation industry not only contributes to the Gross Domestic
Product (GDP) of the country and improves employment statistics, but also aids in domestic and
international trade, and facilitates many other businesses. Socially the industry connects people to
people leading to cultural exchange and enhancement. Indian aviation industry has completed a
century of its existence and these 100 years have witnessed severe highs and lows. On the one
hand, there has been rise in the number of companies competing in the industry along with a
simultaneous growth in the number of airline passengers; on the other hand, the industry players
are still struggling against poor infrastructure and high operating costs.
Today Hyderabad International Airport has been ranked amongst the world's top five in the annual
Airport Service Quality (ASQ) passenger survey along with airports at Seoul, Singapore, Hong
Kong and Beijing. This airport in Hyderabad is managed by a public-private joint venture
consisting of the GMR Group, Malaysia Airports Holdings Berhad and both the State Government
of Andhra Pradesh and the Airports Authority of India (AAI).
Indian Aviation industry is ninth largest in the world and is all set to become third largest
by 2020.It is one of the least penetrated air markets in the world with 0.04 trips per capita per
annum as compared to 0.3 in China and more than 2 in the USA.Indian aviation is experiencing
dramatic growth across the board, from the emergence of Low Cost
Carrier and growing middle class ready to travel by air as well as growth in business and leisure
travel. At present more than 85 international airlines operate in India and 5 Indian carriers connect
over 40 countries. Total passenger traffic stood at a 190.1 million in FY15, registering an Increase
of 12.47%. By 2020, passenger traffic at Indian airports is expected to increase to 421 million from
190.1 million in 2015. Domestic passenger traffic expanded at a CAGR of 11.8% over FY06– 15.
It is expected to touch 209 million by FY17. International passenger traffic posted a CAGR of
9.5% over FY06-15 and is set to touch 60 million by FY17. Looking at the current growth of 20%
p.a, Indian carriers plan to increase their fleet size to reach 800 aircrafts by 2020. The Indian
aviation sector is likely to see investments of USD 12.1 Billion during 2012-17;
USD 9.3 Billion is expected to come from the private sector. The Government of India (GOI)
envisions airport infrastructure investment of US$ 11.4 billion under the Twelfth Five Year Plan
(2012-17). It has opened airport sector to private participation, six airports across major cities are
being developed under the PPP model. The Airports Authority of India (AAI) aims to bring around
250 airports under operation across the country by 2020. 100% FDI is permitted for greenfield
airport projects under the automatic route. Further up to 74% FDI is permitted for existing airport
projects under the automatic route and above 74% and up to 100% permitted under government
approval route. In last one year aviation turbine fuel prices have declined owning to downfall in
crude prices. This was also the key reason for profit earnings of the airline companies. It in turn
provided for reduction in fares. Large scale collaboration deals like, Etihad Airways & Jet
Airways, Tata Group & Singapore Airlines, Tata Group & AirAsia are providing a niche for
technology advancement and
Enhanced operational management.
The Indian aviation sector can be broadly divided into the following main categories:

1. Scheduled air transport service includes domestic and international airlines.

2. Non-scheduled air transport service consists of charter operators and air taxi operators.

3. Air cargo service, which includes air transportation of cargo and mail.
Scheduled air transport service: It is an air transport service undertaken between two or more
places and operated according to a published timetable. It includes:
Domestic airlines, which provide scheduled flights within India and to select international
destinations. Air Deccan, Spice Jet, Kingfisher Airline and Indigo are some of the domestic players
in the industry. International airlines operate from scheduled international air services to and from
India.
Non-scheduled air transport service: It is an air transport service other than the scheduled one
and may be on charter basis and/or non-scheduled basis. The operator is not permitted to publish
time schedule and issue tickets to passengers.
Air cargo services: It is an air transportation of cargo and mail. It may be on scheduled or non-
scheduled basis. These operations are to destinations within India. For operation outside India, the
operator has to take specific permission of Directorate General of Civil Aviation demonstrating
his capacity for conducting such an operation.

FACTORS INFLUENCING THE AVIATION SECTOR

Thinking about airlines, the first thought which probably comes to mind would be luxury and
comfort. However, there is much more to the airline industry than just that. Yes, most of the
airlines worldwide are facing a cycle of rising operating costs and declining profits and margins.
Now, passengers may not be able to observe these characteristics, but after extensive research it
is quite apparent the global airline industry is in disarray.
So, what factors are affecting the industry? And more importantly, how is the industry coping with
them? Here is a PEST analysis for airline industry to give you a better idea. Political
The airline industry operates in a highly regulated political environment where passengers are
favoured over the airlines. This is due to the fact that passenger safety is paramount and the
political establishment have been made weary of the airlines and resorted towards strict regulations
for their operations, due to their earlier inclinations towards monopolistic behaviour. Furthermore,
with there being more competition in the industry and regulations in demand, passengers are in a
position where they can push for lower prices and amenities.

Economic
The 9/11 attacks left a major impact that the airline industry is yet to recover from. The prolonged
recession, fluctuations in oil prices and an imminent global slowdown are other debilitating factors
that are affecting the growth of the airline industry. Airlines have to cope with declining
passengers, high fuel prices, competition from low-cost airliners, labor demands and soaring
operating and maintenance costs. In addition, events such as the recent Malaysian airline
disappearance, is also adversely affecting the global airline industry.

Social
Over the years, the millennial generation’s emergence into the consumer class has resulted in major
social changes, more importantly in terms of service, where consumers have become much more
demanding.
Therefore, to meet the increasing demands of this segment, airlines have to stabilize their costs.
Additionally, the passenger profile has changed as well with there being more economically
minded passengers. When it comes to business class passengers, improved communication
facilities have reduced the need to fly down for meetings.
Technological
With intense competition in the airline industry, latest technology must be adapted by airliners in
order to survive in the already tough environment. Additionally, the use of latest technology in
aircrafts would not only lower fuel consumption, but also the cost of airline operations and improve
efficiency.
 Conclusion
So, this PEST analysis for airline industry has highlighted four important factors that are affecting
its external macro environment. By keeping these factors in mind, we have come to the conclusion
that the increased costs of doing business, strict rules and regulations imposed by regulators,
competition from low-cost airliners, changes in passenger profile, in addition to the recent airline
related deaths, all have affected the viability and profitability of the global airline industry badly.
It will require a lot of patience and hard work for the industry to find its way back to the right track.

SIZE OF THE AVIATION SECTOR IN THE WORLD AND INDIA

If aviation were a country, it would rank 21st in the world in terms of gross domestic
product (GDP), generating $606 billion of GDP per year, considerably larger than some
members of the G20 (and around the same size as Switzerland).
By 2026, it is forecast that aviation will contribute $1 trillion to world
GDP.
India’s civil aviation industry is on a high-growth trajectory. India aims to become the third-
largest aviation market by 2020 and the largest by 2030.
The Civil Aviation industry has ushered in a new era of expansion, driven by factors such as
low-cost carriers (LCCs), modern airports, Foreign Direct Investment (FDI) in domestic airlines,
advanced information technology (IT) interventions and growing emphasis on regional
connectivity. India is the ninth-largest civil aviation market in the world, with a market size of
around US$ 16 billion.
“The world is focused on Indian aviation – from manufacturers, tourism boards, airlines
and global businesses to individual travellers, shippers and businessmen. If we can find common
purpose among all stakeholders in Indian aviation, a bright future is at hand,” said Mr. Tony
Tyler, Director General and CEO, International Air Transport Association (IATA).

The Evolution and Contribution of Indian Aviation Industry

The Indian civil aviation industry came into existence way back in 1912. Tata were the
pioneer with the introduction of first Indian airline ‘Tata Airline’ in the year 1932. Since
beginning, the industry has witnessed ups and downs but in spite of that the Indian aviation
industry is one of the world’s fastest growing aviation industries. With only 9 airline carriers at the
time of independence, the industry now has numerous private operators which also include low-
cost carriers making air travel possible for the so-called common man. The Government’s efforts
towards liberalization of the industry along with the change in demographics of the country have
supported a lot to this growth in the industry. Today, the industry contributes around 0.5% to the
Gross
Domestic Product (GDP) and employs some 1.7 million people. Other than this direct
contribution to the economy, the aviation industry also contributes by facilitating domestic and
international tourism thereby improving the performance and contribution of tourism industry.

However, the air travels penetration is very low in India and there is lot of potential underlying the
industry. The emergence of wide middle class with rising disposable incomes has paved the way
for industry players marking a more promising future. One of the unique features of the Indian
psychology where air travel is not just a means of reaching to the destination but is rather a means
to portray economic superiority among peers can be interpreted as a positive sign by the operators.
There is a glamour attached to air travel in addition to the benefits of saving the travel time. The
labour is cheap and is available in abundance in the country. The only thing needed is training and
polishing the human resource to match to the industry’s eligibility criteria.
2002-03: Moderately competitive landscape: In 2002-03, competition in the domestic airlines
industry was low with 2 players dominating the Industry: Jet Airways and Indian airlines group
(which comprised of Air India, Alliance Air and Indian Airlines) together had 88 per cent market
share.
Sahara airlines also operated at this time and had a smaller share of the overall domestic market.
The players did not undercut each other on ticket
Prices to grab market share and concentrated on profitability.
2006-07: Competition intensifies: Low-fare carriers (LFCs) forayed into the industry, beginning
with the launch of Air Deccan in 2003-04.
Subsequently, three more - Spice Jet, Go Air and Indigo - began operations between 2005-06 and
2006-07. Two full-service carriers (FSCs) -Kingfisher and Paramount - also entered the market in
2005-06. Thus, the number of carriers in the domestic airlines industry trebled from 3 in 2002-03
to 9 in 2006-07. LFCs offered tickets at much lower prices as compared to FSCs and hence,
managed to capture 42 per cent of the domestic market share in 2006-07.
2007-08: Extremely competitive landscape: With competition rising rapidly, the new entrants
and incumbent players rapidly expanded their fleet, in a bid to capture market share. The share of
LFCs rose to 47 per cent in 2007-08 from 42 per cent in 2006-07. However, this expansion heavily
eroded players profitability. Costs incurred by airlines on ATF, manpower, etc, rose sharply, but
companies were unable to hike fares due to intense competition. This led to pressure on
realizations, and profit margins of most airlines slid into the red. The industry's combined losses
amounted to Rs49 billion in 2007-08. The capital structure of most airlines deteriorated, while
some carriers faced a liquidity crunch and had to raise further debt to meet capital expenditure
requirements. The consolidation phase: Steadily increasing losses eroded the net worth of airline
companies, forcing financially weak companies to sell out or
Merge with stronger companies. This led to consolidation in the industry, wherein Jet Lite
(erstwhile Air Sahara) was acquired by Jet Airways, while Kingfisher bought Air Deccan. The
government decided to merge Indian Airlines with Air India to form a new entity, National
Aviation Company of India Limited (NACIL). The move was taken due to the steadily mounting
losses of Air India and Indian Airlines. As a result of such consolidation, the market share of the
top three players, (NACIL, Jet Airways group and Kingfisher airlines) rose to around 70 per cent
at the end of 2008-09.

2009-10: Growing market share of LFCs: LFCs such as Go Air, Indigo and Spice Jet continued
to gain market share by expanding their fleet. As a Result, the share of the top three players (Jet
Airways, Kingfisher and NACIL) dropped to around 60 per cent in 2009-10. To sustain and expand
their market share, Jet Airways and Kingfisher introduced low-fare operations under the Jet
Connect and Kingfisher Red brands, respectively. Jet Airways converted two-thirds of its seating
capacity to Jet Connect by the end of the second half of 2009-10. Consequently, more airlines
shifted to the LFC model from the FSC model.

2010-11: PLFs touch record highs: Entry of LFCs, higher household income, strong economic
growth, surging tourist inflow, increased air cargo movement, sustained business growth and
 supportive government policies were major drivers for the growth in the domestic aviation industry
in 2010-11.During the year, PLFs reached record highs due to limited fleet addition and strong
demand from business and leisure travellers. Few efficient airlines with better operating cost
structure and financials turned profitable. The market share of the top three players (Jet Airways+
Jet lite, Kingfisher and Indigo) in the industry was about 61 per cent in 2010-11. PLFs increased
to 77 per cent in 2010-11 from 72 per cent in 2009-10.

2012-13: Pricing Discipline post kingfisher exit: The period saw a marked decrease in passenger
traffic due to ongoing economic slowdown and high air fares. Kingfisher exited domestic
operations beginning in the 3rd quarter on account of its financial woes, leading to about 13 per
cent of total domestic capacity going out of market. The remaining 6 players namely Indigo, Air
India, Jet Airways, Jet lite, Spice jet and Go air registered marginally better PLFs of 77 per cent
and higher realizations post kingfisher's exit. Indigo, Jet Group (Jet airways+ Jet Lite) and SpiceJet
together captured close to 73 per cent of the domestic market.

2013-14: Deals and Discounts: The year saw discounting on ticket prices during the peak seasons
too. Overall, the both international and domestic
Realizations declined during the year. Also, Abu Dhabi based Etihad Airways bought 24 per cent
minority stake in Jet Airways for Rs 20.6 billion during the year. As a part of the deal, Jet also sold
three of its flying slots at London's Heathrow Airport for a sum of USD 70 million to Etihad. The
entry of AirAsia India, a three-way venture between the Malaysia-based low-cost airline, the Tata
Group and investment firm Telstra Trade place, in June 2014 is expected to further increase pricing
competition among existing LFCs. Another joint venture between Tata Group and Singapore
Airlines awaits operating permit which will further intensify the competition in the industry.

HISTORY OF AVIATION SECTOR

India has a long history in the field of aviation. The operation of air transport was entrusted to
three Public Undertakings, namely Air India for international services, Indian Airlines for
domestic services and services to neighbouring countries, and Vayudoot. Hindustan Aeronautics
 Limited: The Hindustan Aircraft (now Hindustan Aeronautics Limited), was founded in 1940. It
was started at Bangalore (now Bengaluru) as a repair, overhauling and assemblage depot, has
now grown into an important manufacturing plant. It has designed and manufactured trainer air-
crafts. It belongs to the aerospace and defence industry. It is managed by Ministry of Defence.

Timeline

1932: Tata Airlines (first commercial airlines of India) was founded by J.R.D. Tata.
1946: Tata Airlines became Air India.
1953: Indian Airlines Corporation was established and to begin its operation.
1981: Vayudoot was founded as a joint venture between Air India and Indian Airlines.
1993: Vayudoot was merged into Indian Airlines in 1993.
1996: Alliance Air (now Air India regional) was formed as a subsidiary of Indian Airlines.
2005: Indian Airlines was re-branded as “Indian”.
2006: ‘’Inter Globe Enterprises Limited’’ (IGL) brand name is Indigo
2011: Indian (formerly Indian Airlines) merged with Air India. Post-merger, Alliance Air
was renamed as “Air India Regional.”

List of Major Airlines in India

• Sahara Airlines (now Jet konnect) became operational in 1993. It was founded in 1991.

• Jet Airways began its operation in 1993.

• Go Air started its operation in 2005.

• Spice Jet became operational in 2005.

• Indigo became operational in 2006.

• Air Costa commenced scheduled operation in 2013.

• Air Asia India commenced its operation in 2014.

 • Vistara (joint venture between Tata Sons and Singapore Airlines), Fly Easy, TruJet, and
Air Pegasus became operational in 2015.

VISION, MISSION, CORE VALUES & QUALITY POLICY

Our Vision:

Transworld Aviation to be the leading distributor and stockiest in the aviation sector through
strategic positioning in the supply chain.
Our Mission:
To become a global leader by providing a quality service and support in parts distribution, MRO
services, supply chain management and solutions worldwide that exceeds the customer
expectations.

Our Core Values:

Reliability: We take personal responsibility for our actions, so that our customers can always
depend on us. We promote workplace and operation safety, quality and security through
compliance with laws, regulations and company policies. As individuals, our employees are
responsible and accountable for upholding the highest standards of professional integrity. We treat
everyone fairly and with trust and respect.
Staying on Top of the Industry: We strive continually to keep pace with the latest innovations.
Constantly on the lookout for ways for effective and efficient processes, state of the art
infrastructure, fast communication and highly skilled individuals to optimize customer response
with minimum lead time. We maintain an ethical and efficient operating discipline.

One-Stop Shop: We offer a comprehensive array of services to meet our customers' demand
through flawless product and service delivery along the entire supply chain.
We endeavour to exceed the expectations of our customers.
 CHAPTER-II -COMPANY PROFILE

CEO, Co-Founder Co-Founder Rahul Bhatia

Rakesh Gangwal

• Headquarters: Gurgaon, Haryana

• Parent organization: Interglobal Enterprises
• Website : http://www.goindigo.in
• Founded: 2006
HISTORY OF THE COMPANY

Early beginnings

• IndiGo was set up in early 2006 by Rakesh Gangwal and Rahul Bhatia, of Inter Globe
Enterprises. Inter Globe holds 51.12% stake in IndiGo and 48% is held by Caelum Investments,
a Virginia, US based firm, run by Rakesh Gangwal.
• IndiGo placed a firm order of 100 Airbus A320-200 aircraft during June
2005 in plans to commence operations in mid2006. Former US Airways Executive Vice-
President and Marketing and Planning Bruce Ashby joined IndiGo as its Chief Executive
Officer. The airline already acquired parking lots for its brand-new aircraft at both Mumbai and
Delhi airports. By the time they announced the first flight, they had already scheduled their first
20 aircraft.
• Indigo took delivery of its first Airbus A320-200 aircraft on 28 July
2006, nearly one year after placing the order, and commenced operations on 4 August 2006 with
a service from New Delhi to Imphal via Guwahati. By the end of 2006, the airline had six
aircraft.
• Nine more aircraft were acquired in 2007 taking the total to 15. By
December 2010, IndiGo replaced the state-run flag carrier Air India as the top third airline in
India. It already had a 17.3% of the market share, behind Kingfisher Airlines and Jet Airways.

Going international

• Following Indian regulations, in January 2011 IndiGo received its license to operate
international flights upon completing five years of operations.
• IndiGo's first international service was launched between New Delhi and Dubai on 1 September
2011. Over the following weeks, the international services were expanded to serve Bangkok,
Singapore, Muscat and Kathmandu from New Delhi and Mumbai.
• On February 15, 2012, the civil aviation ministry of India has lifted the barriers on the carrier
when was set over a year ago to defend the
sinking national flag carrier Air India from competition on the International routes. The
ministry announced that IndiGo's proposals to fly to Dammam and Doha would get cleared
immediately. IndiGo is known to have applied for permission to fly to these two cities several
months ago and wasn't approved because of the barrier
 . Rapid expansion

• By early 2012, IndiGo had taken the delivery of its 50th aircraft in less than 6 years.
• IndiGo is known to have placed the largest order in commercial aviation history during 2011,
when Airbus won the US$ 15 billion deal for 180 aircraft. This deal pushed up the percentage of
Airbus aircraft in India to
73%.
• As of February 2012, IndiGo was expanding rapidly and was making solid profits, the only
airline in India to do so. It had replaced Kingfisher as the second largest airline in India in terms
of market share.
• IndiGo's strong adherence to the low-cost model, buying only one type of aircraft and keeping
operational costs as low as possible along with heavy emphasis on punctuality are said to be
some of the reasons for its success even when the airline industry in India is currently going
through a bad patch.
• IndiGo focuses on adding a new plane every six weeks and sometimes even faster. However,
this rapid expansion had led to a scathing report by the DGCA in December 2011, which
highlighted problems in the airline which could impact safety due to rapid expansion.
• SriLankan Engineering, a subsidiary of the Sri Lankan flag carrier SriLankan Airlines recently
won the contract of performing heavy maintenance checks on 26 of the 50 Airbus A320-200
operated by IndiGo. SriLankan has been receiving contracts for the past 4 years to perform
maintenance checks on IndiGo aircraft. IndiGo is believed to outsource its aircraft to SriLankan
because of the unbearable tax imposed on the local MRO providers making them unfavourable
when compared to the MRO providers in Sri Lanka.

Vision, mission and beliefs of Indigo company

Our Mission

To inspire our customers and those they care about with life-enriching products and experiences.

Our Vision

Making Connections. Creating Experiences.

Our Customer Promise

We exist to add a little joy to our customers’ lives, each time they interact with us or our
products.
 Our Beliefs

• Customer Engagement:

We exist to add joy to our customers’ lives – when they interact with us and when they
interact with our products.
• Customer Joy:

Each and every person in the company should understand how his or her work contributes to the
creation of joyful customer moments.
• Respect:

We owe to each other, irrespective of role or position, the same level of respect and caring as we
would show to a valued friend.
• Teamwork:

We have a responsibility to create an environment where each individual is inspired to perform

to the best of his or her ability.
• Passion:

Passion creativity and innovation are the keys to sustainable growth and profitability. Each
individual working at Indigo should reflect this in his or her work. Our role, as a company, is to
encourage and reward the demonstration of these attributes.
• Community:

We have a responsibility to give back to the communities in which we operate.

Reasons for the success of Indigo Airlines

There are several reasons why Indigo is miles ahead of the other market players.

1) Aggressive Fuel Price Hedging - This is one single reason which saves millions for Indigo.

2) Supreme Service - They have a fleet which runs approximately always on-time (90%). This
not only makes their customers come back for their next trip but also saves a lot on operational
cost
3) Low advertising - Most of their advertisements are only on their own in-flight magazines.
They do not spend recklessly on advertising through TV or large hoardings wooing customers.

4) Renting out its aircrafts - Indigo has a very robust maintenance team which takes care of its
aircrafts. The ones which are not flying are in turn leased out to other airlines (both to domestic
and international players). This is another zone where Indigo makes good money.

There might be many other trade secrets which keeps Indigo topping at the charts but end of the
day it’s their attitude towards their customers as well as their seriousness towards the service
what matters. Clean seats, cleaner toilets, courteous staffs, on-time flights and good city-to-city
connectivity makes a lot of difference to gain market share.

Chapter-III-External Analysis
Airline Industry Attractiveness

1. Foreign equity allowed:

Foreign equity up to 49 per cent and NRI (Non-Resident Indian) investment up to 100 per cent
is permissible in domestic airlines without any government approval

2. Attraction of foreign shores:

After five years of domestic operations, many domestic airlines too will be entitled to fly
overseas by using unutilised bilateral entitlements to Indian carriers.

3. Rising income levels and demographic profile:

Demographically, India has the highest percentage of people in age group of 20-50 among its
50 million strong middle class, with high earning potential.

4. Untapped potential of India's tourism:

Tourist arrivals in India are expected to grow exponentially, especially due to the open sky
policy between India and the SAARC countries and the increase in bilateral entitlements with
European countries, and US.

5. Glamour of the airlines:

No industry other than film-making industry is as glamorous as the airlines. Airline tycoons
from the last century, like J. R. D. Tata and Howard Hughes, and Sir Richard Branson and
Dr. Vijaya Mallya today, have been idolized.

Porter’s Five Forces strategy for Airline Industry

1. Threat of New Entrants

• Product differentiation:

In low cost carriers, there is not much differentiation in the basic service that is being provided to
the customers. Differentiation can only be achieved by Value Added Services. IndiGo provides
 check-in kiosks, stair-free ramps, and “Q-Busters”. Hence this argument works in favour of
IndiGo.

• Switching cost:

1. The switching cost is not high. Customers can easily choose other low cost carriers.
2. The switching cost of an airline company to other business/industry is high as the exit cost is
high.
In aviation industry the major entry barriers can be:

• Government regulations:

1. The government's open sky policy has encouraged many overseas players to enter the aviation
market.
2. Aviation was primarily a government owned industry. Due to liberalisation Indian aviation
industry is now dominated by privately owned full-service airlines and lowcost carriers. Private
airlines account for around 75 per cent share of the domestic aviation market.2

Indian Civil Aviation Policy:

3. Private sector is allowed to operate scheduled and non-scheduled services.

4. Operator should be a citizen of India or a company or a body corporate which is registered in
India and whose principal base of business is in India.
5. Chairman and at least two –thirds of its Directors are Indian citizens.
6. Foreign equity participation up to 49 percent and investment by Non- Resident Indians (N.R.I),
Overseas Corporate Bodies (OCBs) up to 100% is allowed. The representation of the foreign
investing institution/entity on the Board of Directors of the company shall not exceed one-third
of the total.
7. Foreign airlines are not permitted to pick up equity. Foreign financial institutions and other
entities who seek to hold equity in the domestic air transport sector shall not have foreign
airlines as their shareholders.
8. As regards safety and security arrangements, the operators must ensure compliance with
relevant regulatory requirements stipulated respectively by the Director General of Civil
Aviation (DGCA) and the Bureau of Civil Aviation Security (BCAS).
9. For green field airports, foreign equity up to 100 percent is allowed through automatic
approvals. For upgrading present airports, foreign equity up to 74 percent is allowed through
automatic approvals and 100 percent through special permission (from FIPB).

Setup costs:
Nowadays, venture capital of $10 million or less is enough to launch an airline.

10. In order to overcome the shortfall of aircrafts during the peak seasons, airlines can utilize an
ACMI lease agreement for the extra aircraft. If the airline has many aircrafts, either owned or
leased, then they can offer their surplus aircrafts in their low season to another airline that is
facing peak season.

11. An airline company will bear the cost of purchasing an aircraft if it wants to start or expand its
fleet, leasing allows the cost to be spread across several years. At the lease term end, the lease
can be renewed or aircraft can be returned, to be replaced with more modern aircraft.

Fuel prices:
Domestic ATF prices have increased by over 160 per cent from the beginning of 2005 till last year
and by over 80 per cent from a year-ago levels. In India, oil companies do not import ATF directly;
instead they refine it from imported crude oil. With rising crude oil prices, imports are becoming
expensive day by day and at the same time, the government is unable to pass on the full impact of
this rise to the consumer. As a result, the state-owned oil marketing companies (almost 95 per cent
of the market is with state owned firms) are forced to sell diesel, petrol, kerosene and LPG at way
below cost, a cost they are trying to somewhat make up by raising the price of ATF, which is under
their control. As a result, prices of ATF in India are much higher than some of the other Asian
countries.

Resource:
The aviation industry in India suffers a shortfall of pilots. The reasons are:

12. The aspirants can receive Commercial Pilot Licence (CPL) only if they undertake a training
abroad.
13. The reason being that in India, there is a lack of dedicated flight Instructors, decade old aircrafts
and poor quality training offered at a price much higher than what is offered by flying schools
in USA, Canada and Australia.
14. Indian institutes provide training with the help of their training partners in the foreign countries
like U.S.A, U.K etc.
 Private airlines hire pilots; get expatriates or retired personnel from the Air Force or PSU airlines
in senior management positions. Airlines can contract employees such as cabin crew, ticketing and
check-in staff members.

In airline sector, finding appropriate labour-force is very costly. Moreover, due to the liberalization
of policies by government, foreign and private players often poach workforce of competitors which
leads to talent-drain and thus losses.

2. Bargaining Power of Suppliers

• Any airlines in general face a duopoly of two major suppliers of aircrafts i.e. Airbus and
Boeing. There are other suppliers like Dauphin, Dronier,Bell,ATR-42 but do not meet the
requirements to serve the low cost commercial aircraft carriers, particularly IndiGo airlines.
Fleet Forecast for the India-Region 2006-2011 shows that there will
be approx. 85% growth in the order rate of air carriers [Exhibit 2]. Thus, suppliers are few and
thus in better position to bargain as they always find customers for their aircrafts.

• IndiGo fleet comprise of Airbus-A320 and the switching cost is high due to the limited number
of suppliers.

• Due to shortage of commercial aircraft pilots in India the supply of pilots is concentrated, hence
increasing their power.

• There are only four suppliers for ATF (Aviation Turbine Fuel); IOC, Hindustan Petroleum
Corporation, Bharat Petroleum and ONGC and since their number is limited, they possess more
power.

• The proof of evidence for high power enjoyed by ATF suppliers lies in the fact that the ATF
prices constitute 35-40% of the costs in India compared to 20-25% globally.

• The brand value of suppliers is high due to their less number and results in higher bargaining
power for them.

• The airlines also face a threat of forward integration since the suppliers are in close contact and
are familiar with the knowhow of the aviation industry.

• The suppliers are few and thus in better position to bargain as they always find customers for
their aircrafts.
3. Bargaining Power of Buyers

• Buyers in airlines industry are large in number and highly fragmented thus lowering their
power. With the growing Indian economy and increasing low cost carriers, the buyers have
increased and so have the growth opportunities.

• The switching cost is minimal since there are multiple alternatives available. It is not difficult
to move from one airline to another or to switch to a substitute.

• Furthermore, the players in the particular strategic group do have minimalistic differentiating
points.

• Backward integration from the buyer’s end is very difficult and next to impossible.

4. Competitive Rivalry

The aviation industry is a highly competitive industry because of which it is difficult to earn high
returns in this sector. Below are the major reasons for the high competition in the low-cost carrier
airlines:

• Very little scope for differentiation between competitors’ products and services
• Aviation is a mature industry with very little growth. The only way to grow is by stealing away
customers from competitors
• Suppliers of aircrafts are the same, i.e., Boeing and Airbus. Hence supplier’s bargaining power is
high.
• Switching cost of customers is high for low cost carriers, i.e., there is no brand loyalty.

Closest competitor of IndiGo is SpiceJet followed by Go Air

Below is brief description about each of them:

SpiceJet is a low-cost airline based in New Delhi, India. Spice Jet’s mission is to become India’s
preferred low-cost airline, delivering the lowest air fares with the highest consumer value, to price
sensitive consumers. Its vision is to ensure that flying is no longer confined to business travellers,
but is affordable for everyone and thus the tagline ‘flying for everyone’ Spice Jet airways began
its operations in May 2005. SpiceJet has chosen a single aircraft type fleet which allows for greater
 efficiency in maintenance, and supports the low-cost structure. It has a fleet of 6 Boeing 737-800
in single class configuration with 189 seats. SpiceJet's new generation fleet of aircraft is backed
by cutting edge technology and infrastructure to ensure the highest standards in operating
efficiency. Spice Jet currently flies to 11 destinations.1

Go Air Airlines, owned by Wadia Group, is a low-cost budget airline based in Mumbai, India. It
has been showcased as “The People's Airline”. Go Air is looking at 'commoditising air travel' by
offering airline seats at marginally higher train prices to all cities in India. The Airline’s theme line
is “Experience the Difference” and its objective is to offer its passengers a quality consistent,
quality assured and time efficient product through affordable fares. Go Air's business model has
been created on the 'punctuality, affordability and convenience' model. Go Air operates four A320
aircraft with a single class, 180-seat configuration, and plans to expand its fleet to 33 aircraft in
three years.2

Thus, we can summarize from above data that all the three players are trying to follow cost
leadership strategy by bringing down the ticket rates to the minimum possible value. However, it
is clear that, to sustain in this cutthroat competition, each player will have to come up with different
strategies to improve the non-price factors

5. Availability of Substitutes

The substitute for low cost airline company is the railways. But this substitute is not very powerful
due to the following reasons:

1. Customers use airline transport as it is convenient and saves travelling time. So trains cannot work
as a substitute to save time.
2. Secondly, many customers use airlines as a status symbol. So again, trains cannot substitute for
prestige.
 So, if we consider IndiGo airlines, the direct substitutes are the other low-cost carriers like SpiceJet
and Go Air. so in this case, threat of substitutes is high as the switching cost between low cost
carriers is low.

Opportunities

• IndiGo airlines have not ventured into the huge air freight market which can contribute a
sizeable portion of the revenue. A study by Centre for Asia Pacific Aviation or CAPA3, an
aviation consulting firm estimates the cargo services of 3.4 million tonnes per annum.
• According to a research conducted by PhoCus, Indian domestic traffic will touch 86.1 million
by 2010, up from 32.2 million in 2007 4 .The flight density of IndiGo airlines is limited in
domestic market; hence there is a big scope to increase the flight frequency
• The huge untapped international sectors should be explored once IndiGo has a considerable
presence in the domestic market.
• IndiGo currently does not have too many long-haul aircrafts and as per CAPA study by 2020,
Indian Airports are expected to handle more than 100 million passengers. IndiGo airlines
should focus on long haul aircrafts both for domestic and international sectors.
• The chartered flight services still remain an area not exploited by Indian aviation industry and
IndiGo airlines can play a major role in tapping the potential in that particular market.

Threats

• ATF (Air Turbine Fuel) prices have increased radically since 2005 [Exhibit 5].
• Foreign and private players often poach work-force of competitors.
• Extensive Government Interference can affect the accountability of the organization.
 In aviation industry, government has control over fuel prices, foreign investments (e.g. FDI
policies), tourism laws, taxes etc. This can greatly affect the day to day business in the airline
industry.
• Like every other industry, recession has hit aviation industry as well. People have cut down on
tourism and corporate travels have also been slashed down.
• The shortage of trained pilots, co-pilots and ground staff is severely limiting the growth
prospects of all the airline companies.
Barriers to exit in aviation industry are high because of high capital investment, no government
restrictions and loss of brand image.

SWOT Analysis Strengths

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 share4. LCC which has
entered international markets has boosted its brand value
5. Good advertising and marketing strategies have increased its brand recall

Weaknesses
1. Not on too many routes as compared to competitors
2. Still has to establish itself on international destinations

Opportunities
1. Opening up of International routes
2. Largest Market share 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 government policies
3. Rising Fuel Costs
Competitive Rivalry

The aviation industry is a highly competitive industry because of which it is difficult to earn high
returns in this sector. Below are the major reasons for the high competition in the low-cost carrier
airlines

• Very little scope for differentiation between competitors’ products and services

• Aviation is a mature industry with very little growth. The only way to grow is by stealing
away customers from competitors.

• Suppliers of aircrafts are the same, i.e., Boeing and Airbus. Hence supplier’s bargaining
power is high.

• Switching cost of customers is high for low cost carriers, i.e., there is no brand loyalty.
Closest competitor of IndiGo is Spice Jet followed by Go Air. Below is brief description about
each of them:

Spice Jet
It is a low-cost airline based in New Delhi, India. Spice Jet’s mission is to become India’s
preferred low-cost airline, delivering the lowest air fares with the highest consumer value, to price
sensitive consumers. Its vision is to ensure that flying is no longer confined to business travellers,
but is affordable for everyone and thus the tagline

‘flying for everyone’

Spice Jet airways began its operations in May 2005. Spice Jet has chosen a single aircraft type fleet
which allows for greater efficiency in maintenance, and supports the low-cost structure. It has a
fleet of 6 Boeing 737-800 in single class configuration with 189 seats. Spice Jet’s new generation
fleet of aircraft is backed by cutting edge technology and infrastructure to ensure the highest
standards in operating efficiency.

Spice Jet currently flies to 11 destinations.

Go Air Airlines
 It is owned by Wadia Group, is a low-cost budget airline based in Mumbai, India. It has been
showcased as “The People's Airline”. Go Air is looking at 'commoditizing air travel' by offering
airline seats at marginally higher train prices to all cities in India. The Airline’s theme line is
“Experience the Difference” and its objective is to offer its passengers quality consistent, quality
assured and time efficient product through affordable fares. GoAir's business model has been
created on the 'punctuality, affordability and convenience' model. Go Air operates four A320
aircraft with a single class, 180-seat configuration, and plans to expand its fleet to 33 aircraft in
three years.
Thus, we can summarize from above data that all the three players are trying to follow cost
leadership strategy by bringing down the ticket rates to the minimum possible value. However, it
is clear that, to sustain in this cutthroat competition, each player will have to come up with different
strategies to improve the non-price factors.

Awards and achievements

Indigo has won the following awards:

• Best LCC by the Airline Passengers Association of India (2007).

• Best LCC at the Galileo Express Travel Awards (2008).
• CNBC Awaaz's Travel Award for best low-cost airline (2009)

Indian air travel market dominated by Indigo

The Indian air travel market is serviced by domestic and international Low-cost carries (LCCs)
and full-service carriers (FSC). Domestic carriers in India include LCCs like IndiGo, Spice Jet, Go
Air, Air India Express and AirAsia India as well as FSCs like Jet Airways, Air India, Air Costa,
Alliance Air and Vistara. India’s relatively low per capita income and price sensitive consumers
have led LCCs to dominate the country’s air travel market. LCCs’ share of the Indian air travel
market has increased from 40.5% in FY10 to 62.2% in FY15, according to DGCA data. This
represents 55% increase in LCCs’ market share over FSCs’ market share over FY10-15.Among
FSCs and LCCs, Indigo has dominated the air travel market with a market share of 37.4% as on
August 2015 (up from 12.5% in FY09),followed by Jet Airways with a market share of 22.1% in
FY15 (down from 28.1% in FY09) and Air India with a market share of 17.5%. Further, pending
orders of 430 A320neos will help the company to grow its fleet at 11% CAGR over the next seven
years and maintain leadership in the Indian aviation market.

Player-wise market share trend over FY09-15

Indigo (%) 13 1518 20 27 30 34

Jet Airways (%) 28 2626 27 26 24 22

Air India Ltd. (%) 16 1716 16 17 18.3 17

Spice Jet (%) 10 1314 15 19 19 15

Go Air (%) 3 5 6 6 8 9 9
Kingfisher (%) 28 2320 16 2 0 0

Others (%) 2 2 0 0 0 0 2
Total (%) 100 10 0 100 10 0 100 100 100

Indigo has high aircraft utilization and a lower turnaround time. The company has also been a
leader as far as on time performance is concerned. Indigo has the least flight cancellation rate.

Exhibit 5: On time performance in FY15 Exhib Flight cancellation rate in FY15 t 6:

 Airways Costa
Airways India
Flight cancellation rate in
On time performance in FY15 FY15
 CHAPTER-IV-INTERNAL ENVIRONMENT ANALYSIS

Resources, Capabilities and Core Competencies are the key elements of the Internal Environment.
The resources are tangible and intangible.
Tangible resources

Aircrafts:
The airline currently operates 120 daily flights with a fleet of nineteen brand new Airbus A320
aircraft and flies to 17 destinations.

Human Resources:

1.The human resources are the pilots, crew members and ground staff.
2.No airline can recruit a trainee pilot and directly assign him to fly an airplane carrying around 500
passengers. The labour-force has to be trained and then assigned with tasks to perform after proper
evaluation.

• Fuel:
1.Porter’s five forces model does not cover the importance of complementary product.
2.ATF is the complementary product for airplane and it constitutes approximately 35% of the
production costs.

Intangible resources

•Brand Equity/Reputation

IndiGo is the most reputed low-cost carrier due to the following reasons:

1.On time arrivals is the key differentiating factor for IndiGo Airlines.
2.IndiGo keeps implementing new and innovative ideas to increase the quality of customer service.
Recent example is: IndiGo has roving “check-in counters” where passengers with only cabin
baggage can check-in with an IndiGo official with a handheld device, rather than lining up at the
check-in counter.
3.It gives the customers the freedom to carry their own eatables and snacks on board.
4.Compared to the direct competitors, that is, the other low-cost carriers like SpiceJet, Jet lite, etc.
IndiGo offers the lowest airfare

Social Capital:

1.IndiGo has amicable relationship with the other organizations that contribute to the value addition
for the service provided to the customers.
2.IndiGo has engaged many Travel web-portals and regional travel agents with incentives like
booking commissions, etc. There have been no instances of distress between IndiGo and its other
collaborators, that is, suppliers.

3.Collaboration with hotels: Mumbai-based hotel chain operator Sarovar Hotels and IndiGo Airlines
announced a marketing tie-up for frequent travellers. The highlights are:

a.The arrangement will allow guests staying at select Sarovar Hotels across 26 destinations in India
to avail a 10 per cent discount on their next travel booking with IndiGo.

b.While IndiGo flyers can avail up to 25 per cent discount on published room tariff, 10 per cent
discount on holiday stay packages and 10 per cent discount on restaurant dining at select Sarovar
properties.

Hence IndiGo has a remarkable Social Capital.

Brand Awareness:

IndiGo is a well-known Low-Cost Carrier in India. The following points contribute to the brand
awareness of IndiGo:

1.Advertising using print media like newspapers, billboards, etc.

2.It may not pay for an advertisement in a newspaper, but has been covered in news for its low cost
strategy implementation.

3.As IndiGo provides better value added services to the customers, Word of Mouth promotion also
works in its favour.

Employee Relationship:

Good Employee Relationship is a key factor to sustain competitive advantage. IndiGo provides
several incentives to its employees. As per the news article published in The Hindu Business Line:
“IndiGo officials claimed that they have been seeing a healthy growth in passenger numbers and had
no plans to defer delivery of any of the 100 Airbus it has ordered.”
Hence, it is clearly evident from the above statement that IndiGo is optimistic about its long-term
growth. Also, it is planning to expand its employee strength and at the same time there is no
indication of downsizing the current staff.
Quoted below are some comparisons about the different approaches implemented by various airlines
at the time of recession stated in the same article:
“At a time when several domestic airlines are looking to prune their staff strength, the Delhi-based
low-cost airline, IndiGo, is on the lookout for more pilots, cabin attendants, customer service and
airport service agents.”
 “In the recent past, both Kingfisher Airlines and Jet Airways have asked their staff to leave. While
Jet Airways offered a “voluntary retirement scheme” to more than 300 of its staff, it was also
planning to lay off about 1,900 of its staff. In late September, Kingfisher announced that 300
employees had “parted ways” with the company”
The above facts show that IndiGo has taken a positive approach while dealing with its loyal
employees at the time of economic slowdown.

Four Criteria of Sustainable Competitive Advantage:

Resources| Valuable Rare Costly to Imitate Non-Substitutable

Aircraft Y N N Y

Human Resources Y N N Y

Fuel Y N N Y

Brand Equity Y Y N Y

Social Capital Y N Y Y

Brand awareness Y N N Y

Employee Relationship Y N N
Y

INDIGO AIRLINES

Value Chain Analysis

Strengths
•IndiGo has high brand awareness and brand equity.
•Cost leadership: Successful implementation of low cost strategy.
•Highly efficient management that ensures high rate of on- time arrivals.
•Continuous innovation to improve on non price factors.
•Tie-up with hotels.
•Ease of ticket booking for customers.
Weaknesses
•Scope of product differentiation is less.
•Benefits of the innovations implemented by IndiGo to provide better services to the customers are
short-lived, as these can be easily imitated by the competitors.
•IndiGo is not exploring the untapped domestic air cargo market.

strengths(S)

IndiGo has high brand awareness and brand equity. Cost leadership: Successful implementation of
low-cost strategy.
Highly efficient management that ensures high rate of on- time arrivals.
Continuous innovation to improve on non-price factors.
Tie-up with hotels.
Ease of ticket booking for customers.
Weaknesses(W)

1.Scope of product differentiation is less.

2.Benefits of the innovations implemented by IndiGo to provide better services to the customers are
short-lived, as these can be easily imitated by the competitors.
3.IndiGo is not present in domestic air cargo market.
4.Not present in International market

Feasible Alternatives

1. Increase domestic operation

There are a number of initiatives taken up by government to encourage aviation industry, e.g.,
promotion of regional air connectivity10, Open Sky policy11 and policy of Greenfield airports12. In
addition to this, government has also made plans for the development of airport infrastructure13. 35
airports have been selected for this purpose, of these 24 airports would be taken up for city side
development through PPP including maintenance and operation of the terminal buildings, cargo
operations and real estate development14.

All these factors indicate towards a favourable environment for growth in the domestic aviation
sector. Hence it would be a wise option for IndiGo to increase its domestic operations. IndiGo must
increase the number of destinations and can start long haul aircrafts.

2. Extension
Currently, IndiGo is concentrating only in domestic passenger flights. However, the freight/cargo
market and charted plane service are the areas that can prove to be good potential market for IndiGo.
As per the reports from an economic survey this year, it was stated that domestic cargo showed a
growth of 14.55%15. Besides, chartered flight services are an untapped market for IndiGo. Thus,
IndiGo has a huge opportunity to expand in both these arenas.

To expand air connectivity on Tier II and Tier III cities and to promote regional air connectivity a
separate category of permit, Scheduled Air Transport (Regional) Services had been introduced.

The `Open Sky' policy encourages the promotion of Regional Airlines, lower fares to make aviation
affordable and remove price monopolies in respect of Aviation Turbine Fuel (ATF).

The Policy aims to have an approval mechanism for setting up of new airports. Guidelines for
granting technical approvals by various agencies involved in setting up of an airport would be
provided upfront to provide clarity, Airport Authority of India – www.airportsindia.org.in

Airport infrastructure has been undertaken through the PPP route in major metro cities like Delhi,
Mumbai, Bangalore and Hyderabad. Modernisation of the Kolkata and Chennai airports is being
undertaken by the AAI. For the non-metro airports AAI is responsible for the airside development.

Final Recommendation

As inferred from the above two solution analysis, we recommend that IndiGo must increase its
domestic operations by starting flights connecting to new destinations and long haul flights. As the
opportunities are vast for this purpose, the other low cost carriers may also venture in this area. So
using the cost leadership strategy, IndiGo can gain competitive advantage over its competitors as the
first mover.

Once the above strategy is successful and results in promising revenue growth, IndiGo can use
extension to freight and chartered services as the next objective for further expansion.

INDIGO AIRLINES
Exhibit 1: Increase in Indian domestic air traffic

Exhibit 2: Expected growth of fleets in India17

INDIGO AIRLINES

Exhibit 3: Market share of Low-Cost Carriers in India in Jan 2009

Exhibit 4: Air Passenger revenue percentage growth

Exhibit 5: Rising ATF prices

APPENDIX B

Exhibit 6: Comparison of air fares

Exhibit 7: Comparison of air fares

CONCLUSION

Indigo has been able to remain profitable and grew its market share since inception. However, it is
still a relatively young airline (6 yr. old).
It has to prove that low cost model can remain profitable in long run, just like South West airline
which has been operating as LCC since 40 yrs. It has started international operations in
September2011. The international sector is a different ball game altogether. Indigo has to see how it
can compete in that sector with its existing business model

Facts about IndiGo Airlines: 19 Interesting, Amazing and Mind-Blowing Facts

1. IndiGo has a fleet size of 224 aircraft, which is considered one of the largest fleet sizes in India.
2. The company has a net income of US$320 million (2017-2018) in the struggling aviation market
of India.
3. Within a short-time of period, IndiGo outseated Jet Airways to become India’s No. 1 carrier
with a market share of 27%. In 2019, Jet Airways was grounded due to financial crisis.
4. IndiGo has also received the lowest number of complaints per passenger in India.
5. Right now, IndiGo is the only profitable airline company in India.
6. IndiGo has an on-time performance of 94.3% as of November, 2014.
7. Rahul Bhatia is the founder of IndiGo Airlines, under parent company InterGlobe Enterprises.
8. Indira Gandhi International Airport is the primary hub for the airline company.
9. IndiGo provide its service at more than 66 destinations in India and abroad.
10. The company operates more than 1000 daily flights.
11. The company has an international flights from New Delhi and Mumbai to several destinations
such as Bangkok, Singapore, Muscat, Kathmandu, and Dubai.
12. IndiGo received its first A320 in July 2006.
13. In 2011, IndiGo launched it’s first international trip between New Delhi and Dubai.
14. Turkish Airlines have codeshare agreement with IndiGo
15. As per March 2017 figure, company offers employment to 14604 employees directly.
16. In 2013, IndiGo has achieved the stage of second-fastest-growing low-cost- carrier in Asia.
17. To your surprise, IndiGo does not offer free meals on any flights to keep fares low. However,
you can always buy on board in-flight meals.
 18. To make their carrier profitable and low-cost, IndiGo offers only economy class seating.
19. FYI, IndiGo does not offer in-flight entertainment to it’s passengers.

Websites

1.www.indigoairtickets.com
2.India Ministry of Civil Aviation - http://civilaviation.nic.in
3.India Directorate of Civil Aviation - http://dgca.nic.in/
4.Airport Authority of India - www.airportsindia.org.in/
5.Bureau of Civil Aviation Security (India) – http://bcasindia.gov.in/
6.Centre for Asia Pacific Aviation – www.centreforaviation.com
7.www.cleartrip.com
8.www.infrstructure.gov.in
9.www.interglobe.com
10.www.civilaviation.nic.in
11.www.business-standard.com
12.www.thehindubusinessline.com