SpiceJet to get 2nd tranche of Rs 400 cr by Wednesday

Under the revival plan, the airline will see a capital infusion of Rs 1,500 crore from Singh in a staggered manner by April

Budget carrier SpiceJet is expected to receive the second tranche of Rs 400 crore of a Rs 1,500 crore fund infusion by new investors led by Ajay Singh by Wednesday.

"One tranche (of Rs 100 crore) has been invested. The second tranche, 400 crore, should happen tomorrow or day after," Singh said on the sidelines of the Budget Roundtable organised here Monday.

In late January, the SpiceJet board had approved transfer of Maran family's entire 58.46% stake to Singh, while the company would raise Rs 1,500 crore through issuance of fresh securities.

Under the revival plan, SpiceJet would see a capital infusion of Rs 1,500 crore in a staggered manner by April.

Asked whether financial position of spiceJet was better as compared to last year, Singh said, "much better, it is much more stable now".

As per the plan, Singh and his group of investors will pump in another Rs 500 crore by March, followed by another instalment of Rs 500 crore by April end.

With clearance from the Competition Commission of India (CCI) already in place, Singh is now awaiting approval from the Home Ministry for his appointment as director on the board of SpiceJet.

SpiceJet reported a net loss of Rs 275 crore in the three months ended December 2014, mainly on account of lower passenger numbers and a one-time cost of Rs 295 crore.