Troubled low-cost airline SpiceJet on Friday presented a fund plan claiming to secure Rs 1,200 crore from various sources including bank loan and equity infusion. The plan, however, failed to impress the civil aviation ministry and aviation regulator Directorate General of Civil Aviation (DGCA) and have therefore been asked to present another concrete plan in the next few days.
Agency reports have said US-based JP Morgan Chase and promoter Ajay Singh have proposed to invest $200 million in the company. In a meeting attended by chairman of Airports Authority of India and officials from private airport companies operating the Delhi and Mumbai airports, the airline sought government help for securing credit from oil companies and also relief for tax authorities in paying service tax and income tax.
“They did not reveal the name of prospective investors. They said that Rs 1,200 crore was expected from various sources,” said an official who attended the meeting.
Speaking to reporters, SpiceJet CEO Sanjiv Kapoor refused to comment on the revival plan submitted to the government. Asked if Ajay Singh would invest in the company, Kapoor said that Singh was one of many well wishers of SpiceJet.
29/12/14 Nirbhay Kumar/mydigitalfc.com
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Agency reports have said US-based JP Morgan Chase and promoter Ajay Singh have proposed to invest $200 million in the company. In a meeting attended by chairman of Airports Authority of India and officials from private airport companies operating the Delhi and Mumbai airports, the airline sought government help for securing credit from oil companies and also relief for tax authorities in paying service tax and income tax.
“They did not reveal the name of prospective investors. They said that Rs 1,200 crore was expected from various sources,” said an official who attended the meeting.
Speaking to reporters, SpiceJet CEO Sanjiv Kapoor refused to comment on the revival plan submitted to the government. Asked if Ajay Singh would invest in the company, Kapoor said that Singh was one of many well wishers of SpiceJet.
29/12/14 Nirbhay Kumar/mydigitalfc.com
