SpiceJet gets funding of over Rs 900 crore, will focus on improving facilities
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Airlines major SpiceJet will focus on fleet upgrade and cost-cutting measures with a fresh infusion of Rs 900 crore this month. According to an internal letter sent by the airline to senior employees on Monday, it now has sufficient funds of over Rs 900 crore.
This also includes Rs 160 crore received from the government as installment under the Emergency Credit Line Guarantee Scheme (ECLGS). The company, which is surrounded by many problems, has so far received about Rs 1,000 crore under ECLGS.
An official with knowledge of the matter said that this new installment was released after the company’s Chairman and Managing Director Ajay Singh recently invested in the airline.
Singh had announced an investment of Rs 500 crore last year, of which Rs 200 crore has been invested so far. The official said that the airline has raised a total fund of more than Rs 1,100 crore in three months.According to the letter, the company will focus on implementing cost-cutting measures to upgrade the fleet, deliver timely services and streamline operations.
Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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