SpiceJet is likely to raise the first tranche of funds by January 10. The airline is facing an acute cash crunch and has pending dues of about Rs 1,200 crore, including Rs 200 crore to the Airports Authority of India, which has threatened to put the airline on cash-and-carry mode if dues are not paid.
SpiceJet’s former director Ajay Singh along with two US-based private equity investors are in discussions to invest in the airline. The Sun Group, which Maran heads, has made it clear that it does not want to put in any more money into the airline.
