SpiceJet is reportedly in preliminary stage of talks with investors for raising fresh capital that it needs to return to profitability. SpiceJet, which this month reported its fifth consecutive quarter of losses, has been trying to raise fresh capital for much of this year.
The airline, controlled by billionaire Kalanithi Maran's Sun Group, has been losing money as competition for passengers forces fares down and, like rivals, it battles with some of the highest operating costs in the aviation industry.
The airlines has been seen as a potential target by foreign airlines eager for exposure to one of the world’s fastest growing aviation markets after rules were eased in 2012 to allow foreign carriers to buy up to 49 per cent in local airlines.
SpiceJet is India’s most preferred airline who delivers the lowest air fares with the highest consumer value. The airline currently operates more than 350 daily flights to over 44 Indian cities and 9 international destinations.
