Mumbai: India’s second largest budget carrier SpiceJet, which reported a record Rs 1,003 crore net loss last fiscal, may soon receive the much-needed capital infusion as talks with an overseas investor have reached “very advanced stages”.
Media baron Kalanithi Maran-promoted carrier has been in need of cash for quite some time to keep it afloat.
“We are in very advanced stages of a capital infusion discussion with an external entity that when completed will help us clean up our arrears and rebuild with confidence,” the airline said in a statement.
According to a recent report by Sydney-based aviation think-tank Centre for Asia Pacific Aviation (CAPA), SpiceJet requires at least Rs 1,200 crore funds to remain in the skies.
SpiceJet had a noted US investor Wilbur Ross as the single largest stakeholder before Maran took over the airline in June 2010.
Reacting to the development, the airline’s shares rose by over three per cent to ended the day at Rs 17.10 on the BSE.
