Indian budget carrier SpiceJet will be mobilising Rs 400 crore credit taken from the government to take 25 grounded aircraft to the skies again, juxtaposing the plan with the void left by Go First that filed for bankruptcy on Tuesday.
Funds for the revival will be drawn from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and better cash accruals. The airline has already mobilised around Rs 400 crores towards getting its grounded.
