Beleaguered sudget carrier Spicejet will get the equity infusion of Rs 1500 crore by April in 4 tranches, a report in The Economic Times said today citing the revival plan submitted by its saviour Ajay Singh.
The four tranches are as follows: Rs 100 crore on 25 January, Rs 400 crore on 15 February and Rs 500 crore each on 20 March and 30 April. The revival plan has been approved by the civil aviation ministry.
However, there is no clarity on which are the investors who will be pumping in the money. Earlier media reports had said Singh is likely to team up with other investors to revive the airline he had co-founded years ago.
Singh, who has been credited with coining the tag line Ab ki barr Modi sarkaar during the election campaign, had on 15 January given a Scheme of Reconstruction and Revival of the airline to its board. The scheme included transferring of ownership and management control of the airline from Kalanithi Maran and Kal Airways to Singh. This would mean sale of 53 percent stake to the new promoters.
After the company board accepted the revival plan, Firstpost had reported that Singh's revival plan included expanding the airline's fleet of Boeing aircraft to 26 from 19 now, immediately after taking over.
26/01/15 First Post
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The four tranches are as follows: Rs 100 crore on 25 January, Rs 400 crore on 15 February and Rs 500 crore each on 20 March and 30 April. The revival plan has been approved by the civil aviation ministry.
However, there is no clarity on which are the investors who will be pumping in the money. Earlier media reports had said Singh is likely to team up with other investors to revive the airline he had co-founded years ago.
Singh, who has been credited with coining the tag line Ab ki barr Modi sarkaar during the election campaign, had on 15 January given a Scheme of Reconstruction and Revival of the airline to its board. The scheme included transferring of ownership and management control of the airline from Kalanithi Maran and Kal Airways to Singh. This would mean sale of 53 percent stake to the new promoters.
After the company board accepted the revival plan, Firstpost had reported that Singh's revival plan included expanding the airline's fleet of Boeing aircraft to 26 from 19 now, immediately after taking over.
26/01/15 First Post
