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Troubled budget carrier SpiceJet today submitted a revival plan to the government on the basis of a proposed investment of $200 million from founding promoter Ajay Singh and US—based JP Morgan Chase.
“It was a constructive meeting,” the airline’s Chief Operating Officer Sanjiv Kapoor told reporters after he submitted the plan to Civil Aviation Secretary V Somasundaran at the Ministry headquarters here.
He was accompanied by Singh, the original promoter who is reinvesting in the carrier.
Maintaining that there was “no outstanding” as of now with any oil marketing company, he said with 18 operational Boeing aircraft, SpiceJet was currently flying 230 flights a day.
“SpiceJet has many well wishers including Ajay Singh,” the COO said.
Besides Singh, a fund managed by JP Morgan Chase would also be one of the investors. The potential investors are likely to buy stake from current promoter Kalanithi Maran by infusing $200 million within a month to help the airline stay afloat.
The airline has already received Rs 17 crore from the investors, official sources earlier said, adding that “it has wiped off all its dues to the oil companies”.
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