The promoter and managing director of SpiceJet (SG, Delhi International) has agreed to inject INR5 billion Indian rupees (USD61 million) into the under-pressure airline to strengthen its financial position and maximise growth opportunities. Ajay Singh’s equity contribution will also assist the airline in accessing a further INR2.06 billion (USD25.1 million) via the Indian government’s Emergency Credit Line Guarantee Scheme.
Singh put the finding on the table at a July 12 SpiceJet board meeting held on discuss options for raising fresh capital. “The infusion of fresh capital will substantially strengthen the companys financial position and is a powerful vote of confidence in its future and long-term viability,” reads a SpiceJet statemen…
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