SpiceJet is exploring various options to raise funds from external parties, ‘including airlines,’ CMD Ajay Singh said on Tuesday.
“We will do everything to ensure that SpiceJet remains a strong and vibrant player as it has been in the last 17 years,” Mr. Singh said.
“We are exploring all options for investment from external parties including airlines, “ he told the media on the sidelines of an event here. He said the airline’s board had recently passed a shareholder’s resolution for raising up to ₹2,000 crore.
The DGCA, last month, cut the airline’s flight schedule to half of those approved following concerns over safety standards, and lack of funds to pay for spare parts and carry out maintenance work on aircraft. The airline is looking at multiple ways of raising funds, including through the government’s Emergency Credit Line Guarantee Scheme and sale and leaseback of its aircraft.
SpiceJet plans to add seven Boeing 737 MAX 8s to its fleet by December, the delivery of which has been delayed because of payment issues. Airline sources said that though there were more than 70 planes in its fleet, only 50 were operating at the moment because of the inability to pay for maintenance of all planes and to conserve cash.
