SpiceJet may get Rs 1,300 crore bailout

New Delhi: While US-based investment firm JP Morgan may show interest in investing in cash-strapped airline SpiceJet as part of a group of investors headed by the airline’s former promoter Ajay Singh, an investment of $217 million (about Rs1,300 crore) could be pumped into the airline over several months by this group of investors to recapitalise the airline, sources said.

Meanwhile, the civil aviation ministry may have an uphill task on its hands to persuade state-owned oil companies to extend credit to SpiceJet. The oil-companies are believed to be extremely reluctant to extend any further credit to SpiceJet. The banks also may find it difficult to lend money to SpiceJet in the absence of personal guarantees from the airline promoters, sources said.