{"id":48492,"date":"2023-10-13T18:47:37","date_gmt":"2023-10-13T13:17:37","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=48492"},"modified":"2023-12-29T12:34:34","modified_gmt":"2023-12-29T07:04:34","slug":"indigo-co-founder-to-buy-stake-in-spicejet","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2023\/10\/13\/indigo-co-founder-to-buy-stake-in-spicejet\/","title":{"rendered":"IndiGo Co-Founder Likely to Buy Significant Stake in SpiceJet"},"content":{"rendered":"\n<p><strong>GURUGRAM-<\/strong> Rakesh Gangwal, the co-founder and former promoter of <a href=\"https:\/\/aviationa2z.com\/?s=IndiGo\" target=\"_blank\" rel=\"noreferrer noopener\">IndiGo (6E)<\/a>, is reportedly in advanced talks to acquire a significant stake in the budget airline <a href=\"https:\/\/aviationa2z.com\/?s=Spicejet\" target=\"_blank\" rel=\"noreferrer noopener\">SpiceJet (SG)<\/a>, according to a report by ET Now.<\/p>\n\n\n\n<p>As of the end of June, Rakesh Gangwal and his wife, Shobha Gangwal, held stakes of 13.23% and 2.99% in IndiGo&#8217;s operating company, InterGlobe Aviation, respectively. The Chinkerpoo Family Trust, associated with them, also holds a 13.5% stake, based on exchange data cited by ET.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/07\/Copy-of-Emirates-Kenya-Airways-Partnership-36-1024x576.jpg\" alt=\"GURUGRAM- Rakesh Gangwal, the co-founder and former promoter of IndiGo (6E), is reportedly in advanced talks to acquire a significant stake in the budget airline SpiceJet (SG), according to a report by ET Now.\" class=\"wp-image-38645\" srcset=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/07\/Copy-of-Emirates-Kenya-Airways-Partnership-36-1024x576.jpg 1024w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/07\/Copy-of-Emirates-Kenya-Airways-Partnership-36-600x338.jpg 600w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/07\/Copy-of-Emirates-Kenya-Airways-Partnership-36-300x169.jpg 300w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/07\/Copy-of-Emirates-Kenya-Airways-Partnership-36-768x432.jpg 768w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/07\/Copy-of-Emirates-Kenya-Airways-Partnership-36-750x422.jpg 750w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/07\/Copy-of-Emirates-Kenya-Airways-Partnership-36-1140x641.jpg 1140w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/07\/Copy-of-Emirates-Kenya-Airways-Partnership-36.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo: Photo: avgeekwithlens\/ Harsh Tekriwal<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-indigo-co-founder-spicejet-stake\">IndiGo Co-Founder SpiceJet Stake<\/h2>\n\n\n\n<p>SpiceJet is currently facing financial challenges and actively seeking funds to address a cash shortage. Earlier this year, the airline came under &#8220;enhanced surveillance&#8221; by the aviation regulator. <\/p>\n\n\n\n<p>SpiceJet has been contending with several lessors seeking to repossess leased aircraft, with some of these cases being resolved by the airline. Approximately one-quarter of its fleet remains grounded due to intense competition within the aviation industry.<\/p>\n\n\n\n<p>Recently, SpiceJet issued more than 4.81 crore equity shares through a preferential allotment to nine of its aircraft lessors, settling outstanding dues amounting to Rs 231 crore. <\/p>\n\n\n\n<p>Additionally, the airline is engaged in advanced negotiations with lessor Celestial Aviation to reach a settlement, a matter that has been disclosed to the insolvency tribunal, NCLT.<\/p>\n\n\n\n<p>Celestial Aviation Services has claimed a default of $29.9 million for nine aircraft, making it the fifth lessor to approach NCLT to seek resolution with SpiceJet. Other lessors, including Willis Lease Finance, Aircastle, and Wilmington, have also initiated legal actions to commence insolvency proceedings against SpiceJet before the NCLT.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-1024x683.jpeg\" alt=\"GURUGRAM- Rakesh Gangwal, the co-founder and former promoter of IndiGo (6E), is reportedly in advanced talks to acquire a significant stake in the budget airline SpiceJet (SG), according to a report by ET Now.\" class=\"wp-image-42541\" srcset=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-1024x683.jpeg 1024w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-300x200.jpeg 300w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-768x512.jpeg 768w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-1600x1067.jpeg 1600w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-1536x1024.jpeg 1536w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-2048x1365.jpeg 2048w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-750x500.jpeg 750w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/DSC_0307-01-6-01-1140x760.jpeg 1140w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo: avgeekwithlens\/ Harsh Tekriwal<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-legal-concerns\">Legal Concerns<\/h2>\n\n\n\n<p>On September 5, NCLT suggested that SpiceJet should address the concerns of lessors who sought insolvency proceedings, coinciding with the airline&#8217;s offer of shares to nine aircraft lessors to settle outstanding dues.<\/p>\n\n\n\n<p>In its most recent quarterly report for June, SpiceJet reported a consolidated net profit of Rs 197 crore, marking a significant improvement compared to the net loss of Rs 783 crore in the same period of the previous year. <\/p>\n\n\n\n<p>Following reports of Rakesh Gangwal&#8217;s potential stake acquisition, SpiceJet&#8217;s stock saw a surge, reaching as high as 20% before closing the day with an 18% gain.<\/p>\n\n\n\n<p>Stay tuned with us. Further, follow us on social media for the latest updates.<\/p>\n\n\n\n<p>Join us on&nbsp;<a href=\"https:\/\/t.me\/s\/aviationa2z\" rel=\"nofollow\">Telegram Group&nbsp;<\/a>for the Latest Aviation Updates. Subsequently, follow us on&nbsp;<a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMPLdrgsw_-jGAw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\">Google News<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-aviation-a-2-z wp-block-embed-aviation-a-2-z\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"47WHidCGhY\"><a href=\"https:\/\/aviationa2z.com\/index.php\/2023\/12\/29\/businessman-bomb-threat-on-spicejet-delhi-bengaluru-flight\/\">Businessman Makes Bomb Threat on SpiceJet Delhi to Bengaluru Flight<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Businessman Makes Bomb Threat on SpiceJet Delhi to Bengaluru Flight&#8221; &#8212; Aviation A2Z\" src=\"https:\/\/aviationa2z.com\/index.php\/2023\/12\/29\/businessman-bomb-threat-on-spicejet-delhi-bengaluru-flight\/embed\/#?secret=cK3CQSxJ0F#?secret=47WHidCGhY\" data-secret=\"47WHidCGhY\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>GURUGRAM- Rakesh Gangwal, the co-founder and former promoter of IndiGo (6E), is reportedly in advanced talks to acquire a significant stake in the budget airline SpiceJet (SG), according to a report by ET Now.<\/p>\n","protected":false},"author":1,"featured_media":38642,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7215,8471,6761,8474],"tags":[234,123,4618,14120,14121,6415,582],"class_list":{"0":"post-48492","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-airline-news","8":"category-indigo","9":"category-news","10":"category-spicejet","11":"tag-indigo","12":"tag-indigo-airlines","13":"tag-indigo-ceo","14":"tag-indigo-co-founder-spicejet-stake","15":"tag-indigo-co-founder-to-buy-spicejet-stake","16":"tag-indigo-news-today","17":"tag-spicejet-airlines"},"_links":{"self":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/48492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/comments?post=48492"}],"version-history":[{"count":4,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/48492\/revisions"}],"predecessor-version":[{"id":53934,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/48492\/revisions\/53934"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media\/38642"}],"wp:attachment":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media?parent=48492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/categories?post=48492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/tags?post=48492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}