Spicejet) has deferred an investment offer from one of the funds managed by US multinational banking and financial services holding company, JP Morgan Chase & Co., India's DNA news has reported.
"They [JP Morgan Chase] are interested in investing but Ajay Singh does not want to bring them on board at the present CMP [Current Market Price]," a senior company executive told dna. "He wants to further improve [the] valuation of the company before getting them (JP Morgan Chase) in."
Singh took formal control of the ailing budget carrier last month when the Indian authorities gave their final approval to his acquisition of Kal Airways Pvt Ltd and Kalanithi Maran's 60.31% stake in the airline. He was expected to team up with JPMorgan Chase and a local investor as part of his investment strategy which which will see a total of INR15 billion (USD243 million) injected into Spicejet to help cover outstanding debts such as leasing dues, wages, and taxes.
23/04/15 ch-aviation
"They [JP Morgan Chase] are interested in investing but Ajay Singh does not want to bring them on board at the present CMP [Current Market Price]," a senior company executive told dna. "He wants to further improve [the] valuation of the company before getting them (JP Morgan Chase) in."
Singh took formal control of the ailing budget carrier last month when the Indian authorities gave their final approval to his acquisition of Kal Airways Pvt Ltd and Kalanithi Maran's 60.31% stake in the airline. He was expected to team up with JPMorgan Chase and a local investor as part of his investment strategy which which will see a total of INR15 billion (USD243 million) injected into Spicejet to help cover outstanding debts such as leasing dues, wages, and taxes.
23/04/15 ch-aviation
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