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SpiceJet managing director set to invest US$61 million in the Mumbai carrier
July 14th 2023
SpiceJet’s chair and managing director, Ajay Singh, has offered to strengthen the financial position of the LCC via a 5 billion rupee (US$61 million) capital injection. Read More » In a regulatory filing after a July 12 board meeting, the airline said the investment will be “by way of subscription to equity shares and/or convertible securities/equity share warrants”. Singh’s contribution also will provide credit facilities of 2.1 billion rupee backed by the Indian government's Emergency Credit Line Guarantee (ECLG) Scheme. “This investment will allow the airline to accelerate its expansion, capture new opportunities in the market and increase revenue and profits,” Singh told local media. “We are committed to building a sustainable and profitable business and this investment is a reflection of this commitment.”
