Fair trade watchdog Competition Commission on Thursday cleared Ajay Singh's proposal to acquire a majority stake in cash-strapped SpiceJet , moving closer to the much-needed recapitalisation of the budget carrier .
With clearance from the Competition Commission of India (CCI), the low-cost carrier's original promoter is closer to taking the management reins and ownership of SpiceJet.
Sources said that CCI on Thursday approved the deal that would see Singh acquiring more than 58 per cent stake in SpiceJet.
The Commission has already communicated to Singh about its approval, sources added.
On Wednesday, Singh said Rs 400 crore fund infusion, as part of the first tranche of committed investment, would be made in SpiceJet soon after getting the CCI nod.
Under the revival plan, Singh would acquire majority stake and control in the airline. Besides, outgoing promoters, Maran family, would put in funds.
20/02/15 PTI/Business Today
With clearance from the Competition Commission of India (CCI), the low-cost carrier's original promoter is closer to taking the management reins and ownership of SpiceJet.
Sources said that CCI on Thursday approved the deal that would see Singh acquiring more than 58 per cent stake in SpiceJet.
The Commission has already communicated to Singh about its approval, sources added.
On Wednesday, Singh said Rs 400 crore fund infusion, as part of the first tranche of committed investment, would be made in SpiceJet soon after getting the CCI nod.
Under the revival plan, Singh would acquire majority stake and control in the airline. Besides, outgoing promoters, Maran family, would put in funds.
20/02/15 PTI/Business Today
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