SpiceJet likely to get funds under ECLGS next week
The Hindu
The airline is expected to receive about ₹225 crore next week under the Emergency Credit Line Guarantee Scheme (ECLGS)
SpiceJet, which is facing financial headwinds, is likely to receive about ₹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 ₹789 crore for June quarter and also said its board has approved raising up to ₹2,000 crore.
On Friday, the source said the airline is expected to receive about ₹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%.
On August 17, the Union Cabinet approved the enhancement in the limit of ECLGS by ₹50,000 crore to ₹5 lakh crore. The additional amount is being earmarked exclusively for enterprises in hospitality and related sectors.
The source also said that a new Chief Financial Officer (CFO) is expected to join the airline next week.
On Wednesday, the airline said its Chief Financial Officer Sanjeev Taneja has resigned.
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