New Delhi: Cash-strapped SpiceJet is in talks with two US-based private equity (PE) firms for possible investments and a deal in this regard is likely to be sealed through the next six weeks.
A senior official in the ministry of civil aviation said, “The process of due-diligence is underway. Because of Christmas holidays, it is taking some time. A deal is likely to be finalised in the next six weeks.”
Earlier, PE firms such as Goldman Sachs and Indigo Partners had evinced interest in the Indian aviation market.
Following Prime Minister Narendra Modi enquiring about the status of the airline at a Cabinet meeting last week, hectic parleys were carried out to arrive at a deal to recapitalise the carrier.
Meanwhile, Ajay Singh, a former promoter of the airline, on Monday met senior ministry officials and gave a proposal, detailing measures to revive the carrier. “They want to restore normalcy of operations and restore the airline’s former scale of operations in the ‘near future’. This will include getting back aircraft from lessors. To discuss the matter with all departments concerned, a meeting will be held in the next couple of days,” said an official.
23/12/14 Sharmistha Mukherjee & Surjeet Das Gupta/Business Standard
To Read the News in full at Source, Click the Headline
A senior official in the ministry of civil aviation said, “The process of due-diligence is underway. Because of Christmas holidays, it is taking some time. A deal is likely to be finalised in the next six weeks.”
Earlier, PE firms such as Goldman Sachs and Indigo Partners had evinced interest in the Indian aviation market.
Following Prime Minister Narendra Modi enquiring about the status of the airline at a Cabinet meeting last week, hectic parleys were carried out to arrive at a deal to recapitalise the carrier.
Meanwhile, Ajay Singh, a former promoter of the airline, on Monday met senior ministry officials and gave a proposal, detailing measures to revive the carrier. “They want to restore normalcy of operations and restore the airline’s former scale of operations in the ‘near future’. This will include getting back aircraft from lessors. To discuss the matter with all departments concerned, a meeting will be held in the next couple of days,” said an official.
23/12/14 Sharmistha Mukherjee & Surjeet Das Gupta/Business Standard
