Private aviation firm SpiceJet, which posted a loss of ₹789 crore for the three months through June, is in talks with bankers to raise as much as $200 million in fresh capital, reported Bloomberg on 31 August.
By September end, Spicejet is also mulling to spin off its cargo business into a separate company, SpiceXpress, and add more freighters in the fiscal year 2023, Chairman Ajay Singh said in the filing on Wednesday.
Following the worst than expected quarterly loss, the carrier’s Chief Financial Officer Sanjeev Taneja resigned effective immediately. The board has identified a replacement for Taneja, who is expected to take over in September, said the firm.
ALSO READ: SpiceJet net loss widens to ₹789 crore in June quarter, CFO Sanjeev Taneja resigns
Meanwhile, Spicejet posted a loss of ₹789 crore in Q1 of FY 2022-23, considered to be the worse than the average analyst estimated of a ₹627 crore rupee deficit.
Spicejet slipped from No. 2 to No. 5 in the rankings despite India’s aviation sector look brighter with local traffic surging 94% in July.
“The industry has been witness to one of the most severe operating environments in the recent past which impacted the progress and recovery,” Singh said adding, “High jet-fuel prices and depreciating rupee were major contributors.”
With Bloomberg inputs.
Download The Mint News App to get Daily Market Updates.
More
Less
For all the latest world News Click Here
