SpiceJet gets over Rs 900 cr funding; to focus on fleet upgradation, cost cutting measures
The Hindu
SpiceJet secures over ₹900 crore funding, focuses on fleet upgrade and cost-cutting measures to overcome turbulent times.
With more than ₹900 crore funding coming in this month, SpiceJet will focus on upgradation of its fleet and cost-cutting measures, as the no-frills airline works on ways to come out of turbulent times.
In an internal note to the senior staff on January 29, the airline said it now has a substantial bank balance of more than ₹900 crore, including ₹160 crore received as an instalment under the Government's Emergency Credit Line Guarantee Scheme (ECLGS).
The carrier, which had been facing multiple headwinds in recent months, has so far received around ₹1,000 crore under the ECLGS.
The latest instalment came recently after its Chairman and Managing Director Ajay Singh infused funds into the airline, according to an official in the know.
Mr. Singh, who has been helming the carrier, has so far put in ₹200 crore out of the ₹500 crore fund infusion that he had announced last year. The official said the airline has garnered a total of more than ₹1,100 crore funds in three months.
Last week, the airline announced it has received the first tranche of ₹744 crore as part of the total Rs 2,250 crore being mopped up through issuance of securities on a preferential basis.
On December 12, the airline said it would raise fresh capital of ₹2,250 crore through issuance of securities.
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