Troubled airliner, SpiceJet is desperately trying to
find possible investments from around the world as Ajay Singh, a former
promoter of the airline, met senior ministry officials and gave a proposal,
detailing measures to revive the carrier.
SpiceJet is in talks with two US-based private
equity (PE) firms and a deal in this regard is likely to be sealed through the
next six weeks. Earlier, PE firms such as Goldman Sachs and Indigo Partners had
evinced interest in the Indian aviation market.
The fund infusion by investors could be accompanied
by operational changes such as paring of Bombardier operations (to help it
return to a single-plane configuration) and doing away with some sectors.
The airline has assured the Airports Authority of
India that it will give a bank guarantee of Rs 120 crore soon. SpiceJet has
dues of Rs 200 crore (as of December 5) with AAI. Earlier, it had given a bank
guarantee of Rs 82.5 crore.
Currently, SpiceJet is operating 230 flights a day,
against 345 in July. The airline in learnt to have 17 Boeing 737s in its fleet,
against 37 last financial year. On December 17, it had operated only 75
flights, owing to paucity of funds to purchase fuel. Since then, however,
operations have stabilised.
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