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SpiceJet has informed the civil aviation ministry that it will raise the first tranche of funds by January 10, sources said.
"This will be initial funding and will be raised by its promoters. This will be followed by substantial infusion over the next few months," said a ministry official.
The airline is facing an acute cash crunch and has pending dues of about Rs 1,200 crore, including Rs 200 crore to the Airports Authority of India, which has threatened to put the airline on cash-and-carry mode if dues are not paid.
"The airline is operating 200-205 flights daily and has also renewed some of its bank guarantees," said the ministry official. The ministry has also sought a detailed reply from the airline on how it will clear pending the dues. It will call the airline management for discussions next week.
SpiceJet's former director Ajay Singh along with two US-based private equity investors are in discussions to invest in the airline. According to reports, JPMorgan is interested in picking up a stake and the due diligence process is currently on.
A SpiceJet spokesperson termed news about fund-raising "speculation". However, the airline's revival efforts have reached a deadlock. Singh had met the top brass of the airline earlier this week.
According to sources, the talks centred around promoter Kalanithi Maran and Kal Airways, infusing part of the Rs 1,100 crore needed to get SpiceJet back into shape.
The Sun Group, which Maran heads, has made it clear that it does not want to put in any more money into the airline.
