Promoter Ajay Singh infuses Rs 500 cr into SpiceJet

NEW DELHI: SpiceJet promoter Ajay Singh will infuse Rs 500 crore into the airline, a move that will help boost its financial position amid multiple headwinds. The fresh equity infusion will help the carrier in accessing additional credit facilities of Rs 206 crore under the Emergency Credit Line Guarantee Scheme, it said on Wednesday.

The board of SpiceJet on Wednesday considered options for raising fresh capital. “Ajay Singh, promoter of the company, in order to strengthen the financial position of the company, offered to infuse Rs 500 crore,” a statement said. Singh, CMD, SpiceJet, said he is pleased to infuse Rs 500 crore into the company. “This investment will allow the airline to accelerate its growth plans and capture new opportunities in the market, grow its revenue and profits,” he said.