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SpiceJet rescue plan marks bold bet on Indian aviation recovery

Reuters  |  NEW DELHI 

By Tommy WilkesNEW DELHI (Reuters) - The co-founder of SpiceJet is leading a $240 million rescue effort to pull the low-cost carrier back from the brink of collapse, in a bold bet on the recovery of an industry plagued by high costs and heavy losses.A source with direct knowledge of discussions said Ajay Singh, who helped set up the airline in 2005, was in talks with private equity firms and the government to hammer out the deal.India's second-largest budget airline has been struggling for months, and this week was forced to ground its fleet after suppliers refused to refuel the planes.That ...

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First Published: Fri, December 19 2014. 19:07 IST