SpiceJet to present investment and cash flow details next week

The civil aviation ministry on Friday asked SpiceJet to give in writing a proposal detailing recapitalisation plans for the airline along with specified timeliness, next week.

Official sources in the know said SpiceJet was asked to share details about its plans for generating cash flow and proposed investment. JPMorgan Chase & Co along with former promoter and director of SpiceJet Ajay Singh are understood to be interested in investing around $200 million (Rs 1,200 crore) in the cash-strapped carrier. SpiceJet's Chief Operating Officer Sanjiv Kapoor, Singh, and the potential investor met officials of the Airports Authority of India, Directorate General of Civil Aviation, petroleum ministry and civil aviation ministry on Friday. An aviation ministry official said, "No decision regarding extending the stay on clearing airport dues was taken today. Further support from the government will only be considered once they submit specifics next week." SpiceJet owed around Rs 200 crore in airport charges to AAI at the beginning on December.