SpiceJet has reportedly received Rs500 Crore (Rs5Trillion) or about US$80m at today’s exchange rates, from promoter Ajay Singh who owns 60.31% of the airline (from 1.85% a year ago). That is one third of the promised Rs1,500.00 Crore that was promised last December. The money arrived with SpiceJet yesterday with the other two Rs500 crore installments said to be arriving by April. SpiceJet burned through the initial Rs 100 crore investment by Ajay Singh in an instant, clearing tax bills in the process to keep the government on side. Ajay Singh is still awaiting approval from the Indian Home Ministry
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