SpiceJet, which is facing financial headwinds, is likely to receive around Rs 225 crore under the government’s credit guarantee scheme next week, according to a source. Hit by high fuel prices and rupee depreciation, the budget carrier on Wednesday posted a net loss of Rs 789 crore for the June quarter and also said its board has approved raising up to Rs 2,000 crore.
On Friday, the source said the airline is expected to receive around Rs 225 crore next week under the Emergency Credit Line Guarantee Scheme (ECLGS). Under the scheme, announced in May 2020 in the wake of the pandemic to help various sectors, entities will get credit at a concessional rate of 7 per cent. On August 17, the Union Cabinet approved the enhancement in the limit of ECLGS by Rs 50,000 crore to Rs 5 lakh crore.
The additional amount is being earmarked exclusively for enterprises in hospitality and related sectors.
