SpiceJet's Stake Likely To Be Sold With An Indian Business And A Carrier In Middle East

Ajay Singh, the promoter of SpiceJet, may be negotiating the sale of a stake with a middle-eastern airline. The airline is also in talks to sell a portion of its stock with a few Indian corporations.

Currently, promoter Ajay Singh owns about 60% of the airline. A few Indian corporations are also interested in purchasing stock in the airline. The airline "continues to be in talks with several investors regarding sustainable finance," a SpiceJet representative stated when reached. In accordance with the relevant regulations, the airline will "make necessary disclosures."

The airline recently stated that it had paid off all outstanding balances with the Airport Authority of India (AAI) and had switched back to the advance payment system for everyday operations. 

After a string of mechanical problems on its flights, the airline came under scrutiny, and one of its lessors in Dubai requested that three of SpiceJet's aircraft be deregistered. Since the figures are being re-authenticated as a result of a ransomware attack that affected its IT systems, the airline has not yet released its Q4FY22 results.

SpiceJet was today given an eight-week term to run no more than 50% of the flights that were authorised for the summer schedule, according to the Directorate General of Civil Aviation (DGCA).

The regulator had given SpiceJet a show-cause notice after at least eight incidences of technical issues with its aircraft since June 19, and this led to the DGCA's order. The airliner failed to establish safe, effective, and reliable air services in accordance with the 1937 Aircraft Rules, according to the DGCA's notification to the airliner.