Funds to be drawn from government's ECLGS scheme and Company's positive cash flow
Stronger balance sheet post hive-off SpiceXpress
SpiceJet, the country's favourite airline, has mobilized its plan to revive 25 grounded aircraft. Funds for the revival will be drawn from the government's Emergency Credit Line Guarantee Scheme (ECLGS) and better cash accruals. The airline has already mobilised around 400 crore towards getting its grounded fleet back in the air, which will further enhance its top-line.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “We are meticulously working towards return to service of our grounded fleet back in the air soon. Majority of the ECLGS funding received by the airline would be utilized for the same, which will help us capitalise and make the most of the upcoming peak travel season.”