SpiceJet has initiated the process of reviving its grounded fleet with the $50 million funds received by the airline from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals.
The airline has no plans whatsoever to file for insolvency. The airline is firmly focussed on its business and remains in active talks with investors to raise funds. The company had announced plans to revive 25 grounded aircraft that will help it capitalise and make the most of the upcoming peak travel season.
SpiceJet is among the first private companies that stepped into the Indian aviation sector.
