- SpiceJet received Rs 150 crore from Bank of India under ECLGS scheme
- This is the first tranche of a Rs 500 crore funding package for the airline
- Remaining Rs 350 crore funding will be disbursed in phases, sources said
Budget carrier SpiceJet has received Rs 150 crore from Indian Bank under the Emergency Credit Line Guarantee Scheme (ECLGS), according to sources familiar with the matter.
The amount marks the first tranche of a proposed Rs 500 crore funding package being processed for the airline under the government-backed credit guarantee scheme. The remaining Rs 350 crore is expected to be disbursed in phases, sources said.
The funding comes as SpiceJet continues efforts to strengthen liquidity and restore capacity amid ongoing financial challenges. The airline is among the first beneficiaries of the Rs 5,000-crore credit facility earmarked for the aviation sector under ECLGS 5.0, sources added.
The ECLGS programme was expanded to provide additional support to sectors affected by operational and financial stress, with airlines receiving a dedicated allocation to help meet working capital requirements and sustain operations.
NDTV Profit reached out to SpiceJet for comment on the development. The airline did not respond to queries at the time of publication.
An earlier version of this story incorrectly referred to Bank of India instead of Indian Bank in the headline and story. The error has been corrected.
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