Spicejet has secured its first tranche of fresh capital from new majority shareholder and promoter, Ajay Singh, a week after the Indian authorities gave their final approval to his acquisition of previous owner Kal Airways Pvt Ltd and Kalanithi Maran's 60.31% stake in the airline.
Of the original INR15 billion (USD243 million) promised by Singh in his original investment plan for Spicejet, INR5 billion (USD81 million) has now been received with outstanding employee salaries and back service taxes having now been serviced. A second tranche of INR4 billion (USD65 million) is expected later this week while the remaining INR6 billion (USD97 million) is due in April.
03/03/15 ch-aviation
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Of the original INR15 billion (USD243 million) promised by Singh in his original investment plan for Spicejet, INR5 billion (USD81 million) has now been received with outstanding employee salaries and back service taxes having now been serviced. A second tranche of INR4 billion (USD65 million) is expected later this week while the remaining INR6 billion (USD97 million) is due in April.
03/03/15 ch-aviation
