SpiceJet in advanced talks to get funding

Tags: Spicejet, News
SpiceJet Ltd said on Tuesday it was in "advanced" talks to get funding, days after the country's fourth-biggest carrier by domestic market share reported its biggest annual loss.

"We are in very advanced stages of a capital infusion discussion with an external entity that when completed will help us clean up our arrears and rebuild with confidence," SpiceJet said in a statement, without naming any company.

SpiceJet, controlled by billionaire Kalanithi Maran's Sun Group, has been seen as a potential target by foreign airlines after rules were eased in 2012 to allow foreign carriers to buy up to 49 percent in local airlines.

Last week, it reported net loss widened for the three months to March, and posted a record full-year net loss of 10.03 billion rupees ($171.5 million).

All but market leader IndiGo in India's six-player airlines industry are losing money, hit by high fuel prices, and below-cost sales in a highly competitive market.

SpiceJet, which this year placed an order for 42 Boeing Co (BA.N) 737 MAX jets worth more than $4 billion at list prices, had said earlier that it had received interest from potential investors, but has not named any.

SpiceJet also said in Tuesday's statement that it would be "going after cost optimisation on a war footing now", without giving details.


  • Centre and states must cooperate to get the economy moving

    Mirroring the previous three quarters, another round of tepid corporate earnings announcements are expected in a few days from now.


Stay informed on our latest news!


Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs


Arun Nigavekar

Ranking of higher education institutions

Given the massive popularity and growing influence of world university ...

Rajgopal Nidamboor

The pursuit of serene stillness

It may sound strange — that every change in the ...

Dharmendra Khandal

How positive intervention can go a long way

Ten years ago, Sariska tiger reserve declared that there were ...


William D. Green

Chairman & CEO, Accenture