SpiceJet expected to soon receive first tranche of funding

NEW DELHI: Budget carrier SpiceJetBSE -0.25 % is expected to shortly receive the first tranche of Rs 400 crore of the committed Rs 1,500 cr funding in the carrier by the new promoter Ajay Singh, who is awaiting approval to the deal from the Competition Commission of India (CCI).

"As a part of the statutory requirement, it (the deal) needs clearance from the CCI. As soon as the clearance comes, one of the investments will happen," Singh said tonight.

He expressed hope that the CCI nod should be in place in the next couple of days, adding, "Rs 400 crore would be invested in the first phase as projected in the airline's revival plan."

Source: http://goo.gl/rKnuo7