No-frills airline SpiceJet is expected to receive ₹400-crore as investment by Wednesday, as part of the second tranche of a deal brokered by Ajay Singh, who has retaken ownership and management control from the Maran brothers.
The deal is structured on an infusion of ₹1,500 crore by Singh, backed up by issuance of fresh securities. "One tranche [of ₹100 crore] has already been invested. The second tranche, ₹400 crore, should happen tomorrow or day after," Singh told PTI.
Questioned on the financial position of the airline compared to last year, the original promoter said, "much better, it is much more stable now".
Under the terms of the turnaround plan, the third tranche of ₹500 crore would be transferred to SpiceJet by March, followed by the final tranche of ₹500 crore by April-end.
With the Competition Commission of India (CCI) giving its nod, Singh is awaiting the home ministry's approval to be appointed as a director to the board of the airline.