In what comes as the final nail in the coffin for beleaguered low-cost airline SpiceJet , oil marketing companies’ have decided to stop fuel supply over a payment default. This is but unfortunate, says SL Narayanan, group chief executive officer, Sun Group. In an interview to CNBC-TV18, Narayanan says the company has never defaulted on payments in the past and has infact paid more than Rs 3000 crore last fiscal for the same. “This is just a situation that arose for 2-3 days of overdues” he adds. The strapped-for-cash airline was rescued by the Civil Aviation Ministry as it said it would request Indian banks/financial institutions to extend loans of upto Rs 600 crore to the airline as part of measures to keep the carrier functional. “We need Rs 600 crore to get going. I am confident we will turn things around,” says Narayanan confidently before adding that the promoter- the Maran family- is not shying away from its responsibility to the company, but it has already infused as much capital in the company as it could. So, is the company shutting shop now? Narayanan says not if they can help it.
17/12/14 moneycontrol.com
To Read the News in full at Source, Click the Headline
17/12/14 moneycontrol.com
