 "SpiceJet yet to receive any investor funds, awaits transfer of ownership")
SpiceJet is yet to receive any funds from new investors under a revival plan led by Ajay Singh, a government official said on Wednesday.
“Few milestones have been completed. We would have wished that money would have come sooner, but can money come without ownership change," a civil aviation ministry official said.
Business Standard had reported this week that SpiceJet is awaiting a CCI approval for the shift of ownership, when Kalanithi Maran's 58% stake is to be transferred to Singh. Only after that can funds flow in, an official with the airline confirmed.
Under the revival plan approved by January 22 by the aviation ministry, SpiceJet is expected to receive Rs 1,500 crore by April, of which Rs 100 crore was due in January and Rs 400 crore in February.