Although SpiceJet has ruled out any investment from a foreign airline, India’s second-largest low-fare airline by market share may still be in discussions with private equity firms in its search for funds. Although chief executive Neil Mills has stated that the “was not desperate for money”, The Wall Street Journal has reported that SpiceJet is in advanced discussions with two private equity investors to raise at least $50 million. SpiceJet needs up to $100 million to make a part payment for its $446 million order for 15 planes from Bombardier.

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