New Delhi: Former promoter of SpiceJet Ajay Singh is expected to be the investor who would rescue the troubled airline.
Civil aviation ministry sources said Mr Singh will invest in the airline as the head of a group of investors. He could either partially or wholly buy out the stake of the current promoter Kalanidhi Maran.
Mr Maran and companies associated with him currently own 58.4 per cent of stake in the airline. The quantum of funds expected to be pumped in by Mr Singh as head of the group of investors could be Rs 1,200 crore to Rs 1,500 crore.
The airline, meanwhile, limped back to normalcy on Thursday. Sources said he believes that SpiceJet has a bright chance of recovery if a large dose of investment is pumped in since the aviation market is very attractive, with fuel prices at an all-time low.
