Union Civil Aviation Minister Ashok Gajapathi Raju Pasupati has said troubled airliner Spice Jet would have to sort out its financial problems, and added that the government could only help in the process.
"Their problem is financial. They have to get their books right. We will do up to only light hand holding. We are not going to take burden of it but we want to see airline survive and serve the Indian people," said Raju.
Earlier, an official release from Spice Jet stated that Ajay Singh, who helped found the airline in 2005, had agreed to buy a controlling stake from billionaire majority owner Kalanithi Maran's Sun Group.
He was expected to submit his plan, which could involve an investment of USD 240 million, by the end of January. The plan would need regulatory approval.
Majority owner Kalanithi Maran's Sun Group has reportedly been actively looking for an investor, with the airline losing money for the last five quarters.
28/01/15 ANI/Daily News & Analysis
"Their problem is financial. They have to get their books right. We will do up to only light hand holding. We are not going to take burden of it but we want to see airline survive and serve the Indian people," said Raju.
Earlier, an official release from Spice Jet stated that Ajay Singh, who helped found the airline in 2005, had agreed to buy a controlling stake from billionaire majority owner Kalanithi Maran's Sun Group.
He was expected to submit his plan, which could involve an investment of USD 240 million, by the end of January. The plan would need regulatory approval.
Majority owner Kalanithi Maran's Sun Group has reportedly been actively looking for an investor, with the airline losing money for the last five quarters.
28/01/15 ANI/Daily News & Analysis
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