Spice Jet : Possibility of Guard Change
Spice Jet which is in a very difficult situation can see a change of guard if Indian and foreign investors, who are now carrying out due diligence of the cash-strapped airline, are convinced about investing over Rs 1,200 crore and picking up considerable stake in it, as per industry sources who revealed today.
As the company was on the brink of collapse with all its flights grounded five days ago, Ajay Singh, ex-promoter of Spice Jet, seems to have stepped in as a white knight to help rescue the budget carrier by evincing interest to re-invest, along with other investors.
Its going to take 4-6 weeks for the potential acquirers to complete evaluating the cash-strapped budget carrier and its assets and take a decision thereafter, the sources said, adding that SpiceJet’s data room has been opened for due diligence.
Due to the loss of the Airline, Spice Jet has stopped inflight meal services.
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