SpiceJet is currently exploring multiple alternatives to raise to Rs 2,000 crore. During an event of ASSOCHAM, SpiceJet’s Chairman and Managing Director Ajay Singh said that the airline is currently exploring options, including stake sale to other airlines, to raise nearly Rs 2000 crore. However, he did not reveal how much stake the airline would sell to raise the mentioned amount.

For the last few years, the airline has been making losses. Aviation regulator DGCA recently asked SpiceJet to operate not more than 50% of its flights for eight weeks. DGCA took this decision after the airline’s planes were involved in multiple incidents.

Headquartered in Gurugram, SpiceJet is an Indian budget airline. Founded in 2004, it has become the second largest airline in the country by the number of domestic passengers carried. As of March 2019, it holds a market share of 13.6%. Having bases in Delhi and Hyderabad, the airline operates 630 flights to 64 destinations with a fleet size of nearly 102 aircraft.

SpiceJet has been facing financial troubles due to several reasons. Rising fuel costs accompanied by Covid-19 pandemic disruptions have affected the company’s business. Recently, SpiceJet opted for an out-of-court settlement with Credit Suisse in which it agreed to clear its dues. Notably, the airline had Rs 8,446 crore in lease liabilities in FY21.