SpiceJet revival plan likely to be cleared by aviation ministry

The ministry of civil aviation is likely to clear the revival and restructuring plan to restore normalcy of operations in budget carrier SpiceJet next week.
Sources close to the development informed original founder Ajay Singh have drawn up a five-year plan to revive SpiceJet. Singh, JPMorgan Chase and an undisclosed domestic investor are in the process of completing due diligence and have not found any financial irregularities in the airline so far.
“Once the approval comes in from the civil aviation ministry next week, the funds will be pumped in,” said a source close to the development. The capital infusion in the airline will be followed by a rejig in network strategy. The person added, “An evaluation is underway to see which routes are losing money. Some of these would have to be shut.”

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