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    SpiceJet seeks RBI approval to raise $270 m

    Air carrier SpiceJet Ltd has sought the Reserve Bank of India's nod to raise USD 270 million from Canada's export finance agency Export Development Canada (EDC) for financing fleet expansion, the Mint newspaper said on Friday.

    June 24, 2011 / 10:53 IST
     
     
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    Air carrier SpiceJet has sought the Reserve Bank of India's nod to raise USD 270 million from Canada's export finance agency Export Development Canada (EDC) for financing fleet expansion, the Mint newspaper said on Friday.


    SpiceJet, which uses 29 Boeing B737 aircraft for 192 daily flights to 23 cities, plans to add 15 Canadian-manufactured Bombardier Q400 short-haul aircraft from July to connect more cities, Mint said.


    "There is a clearance to raise USD 270 million from EDC, which is the equivalent of US Exim Bank. RBI approvals are likely to come soon," an unidentified source told the newspaper.


    The carrier will do an "outright purchase" of the aircraft and funding for 15 planes has already been tied up, the newspaper quoted another unidentified source as saying.


    A company spokesperson could not immediately make a comment to Reuters.

    first published: Jun 24, 2011 10:17 am

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