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Co-founder of SpiceJet seeks 2-3 weeks to finalise rescue

Ajay Singh is in talks with US-based private equity investors to raise funds and lead a turnaround of the ailing carrier

Ajay Singh

Reuters New Delhi

The co-founder of troubled Indian carrier SpiceJet Ltd has asked for more time to finalise a rescue plan, a government official with direct knowledge of the matter said on Monday.

Ajay Singh, who helped set up the airline in 2005, was expected to submit a plan on Monday. The official said Singh had sought two to three weeks to finalise the plan.

Singh is in talks with U.S.-based private equity investors to raise funds and lead a turnaround of SpiceJet, but talks were taking longer time than expected due to the upcoming Christmas holidays, the government official said.

Singh was not immediately available for comment.

 

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First Published: Dec 22 2014 | 5:11 PM IST

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