SpiceJet’s Rrescue Plan Agreed

India's Civil Aviation Ministry has approved SpiceJet’s revival strategy, which will allow new companies to acquire up to 58 per cent of the airline.

India's Civil Aviation Ministry has approved SpiceJet’s revival strategy, which will allow new companies to acquire up to 58 per cent of the airline.

The plan has been referred to the Security and Exchange Board of India.

The Directorate General of Civil Aviation (DGCA) has also lifted a ban on the airline taking bookings beyond March 31, arguing that it will aid cash flow.

However, it has been reported that a number of lessors have approached the DGCA for permission to repossess aircraft currently operated by the carrier.a

TAGS: Asia
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