Change of guard at SpiceJet?

December 22, 2014 09:28

Beleaguered SpiceJet could 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 Rs 1,200 crore and picking up considerable stake in it, industry sources said.

After being on the brink of collapse with all its flights grounded five days ago, Ajay Singh, one of the original promoters, 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.

The potential acquirers are likely to take four to six weeks to complete evaluating the cash-strapped carrier and its assets and take a decision thereafter, the sources said, adding that SpiceJet's data room has been opened for due-diligence.

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