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SpiceJet gets 10 days interim relief, promoters told to infuse equity

Tue, Dec 16, 2014, 06:32 PM
New Delhi, Dec 16: Cash-strapped budget carrier SpiceJet was given 10 days interim relief by the civil aviation ministry Tuesday, as its promoters were told to infuse fresh equity.

According to senior ministry officials, a period of 10 days has been given to SpiceJet to get funding, after which the government might consider its plea for further relief.

The decision comes a day after the company submitted an operations plan for safety and financial revival to the industry regulator.

The company's top management had also met Civil Aviation Minister Ashok Gajapati Raju Pusapati and his deputy Minister of State for Civil Aviation Mahesh Sharma Monday for relief.

The airline has been asking for more time from oil companies and airport operators to pay their dues.

Meanwhile, the scrip of the beleaguered airline which had crashed by eight percent on the Bombay Stock exchange (BSE) Monday, gained some traction and closed 0.33 points or 2.58 percent up at Rs.13.90 per equity.

The industry regulator had given the airline time till Monday to come up with an operation plan keeping in mind the safety aspect while the passenger carrier suffered from financial strain.

The DGCA wanted the airline to furnish data regarding bookings and its plans to operate a truncated fleet. However, according to sources, the new plan submitted to the regulator does not provide any new information.
Agency: IANS
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