SpiceJet may soon get investor on board

Beleagured low-cost airline SpiceJet finally has something to smile about. SpiceJet has announced the resumption of normal operations, though CNBC-TV18 learned that most of these were on a cash and carry basis as far as fuel supplies were concerned.

But that's not all. Sources say that the airline has informed the government that an investor will be coming on board soon. This is a signal that the airline's money trouble may decrease drastically. The low-cost airline’s former promoter Ajay Singh has expressed an interest in buying back into the airline, and is even learnt to be helping it draw up a revival plan.

However, while aviation minister Ashok Gajapathi Raju declined to confirm this, he did add that the airline has operated all scheduled flights today, except one, which was cancelled. "From yesterday if you see today there's slight improvement. So like that if they are able to continue to improve and come back to normal we have no problem."

SpiceJet has promised about Rs 120 crore in fresh bank guarantees to AAI, sources said. The airline’s total outstanding dues stand at about Rs 200 crore, the remaining Rs 80 crore odd have already been covered by bank guarantees.