DGCA lifts enhanced SpiceJet surveillance after nearly a year
₹500 crore from its promoter Ajay Singh, offering a lifeline to the financially-beleaguered budget airline. Singh will infuse the funds by subscribing to fresh equity shares and/or convertible instruments.
SpiceJet is also utilizing $50 million funds under the ECLGS scheme to resume flights of its grounded aircraft. Two of its grounded planes--a Boeing 737 and a Q400--have been operationalized so far, and more are expected to rejoin the fleet soon.
The airline currently has a fleet of around 55 aircraft and 23 of those are grounded. SpiceJet was severely hit by covid-19, incurring a consolidated net loss of ₹302 crore in FY19, followed by ₹937 crore in FY20, ₹1,030 crore in FY21, and ₹1,744 crore in FY22.
In the first three quarters of FY23, the airline’s consolidated net loss stood at ₹1,507 crore. The fourth quarter results are yet to be announced.
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