Domestic carrier SpiceJet will borrow nearly Rs 400 crore to revive 25 grounded aircraft, the company said in a statement on Wednesday. The development comes after its rival Go First on Tuesday filed for insolvency proceedings with the National Company Law Tribunal (NCLT).
SpiceJet has mobilised a plan to revive 25 grounded aircraft and it will draw the funds from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and better cash accruals, the company said.
It added that the no-frills airline has already mobilised around Rs 400 crores towards getting its grounded fleet back in the air, which will further enhance its top-line.
