SpiceJet's revival plan approved; SEBI to take further call

New Delhi, Jan 21: The revival plan of cash-strapped airline SpiceJet was approved by the civil aviation ministry Wednesday. According to a ministry official, the revival plan which includes the influx of fresh funds to restore the airline's operations under the new promoters was approved by the ministry. The official further said that the ministry has forwarded the revival plan to market regulator Securities and Exchange Board of India (SEBI) which will take a call on whether to exempt the airline from going ahead with transfer of ownership. Under the current regulations any transaction of more than 25 percent in a listed company triggers an open offer. The airline has asked the market regulator to exempt it from the regulation so that it can go ahead with the planned transaction that is expected to restore its financial health and operations.