Ajay Singh stated outside of an ASSOCHAM event that SpiceJet is seeking investments from third parties, including airlines.

In order to earn up to Rs 2,000 crore and maintain its status as a "strong and lively" carrier, SpiceJet is looking into a number of options, including selling a stake to other airlines, according to Ajay Singh, the airline's chairman and managing director.

The last four years have seen losses for SpiceJet. Additionally, it is now flying less than 50% of flights as a result of the aviation regulator's July 27 directive in response to a string of mishaps.

SpiceJet is looking into fundraising options. We are looking at investments from outside parties, including other airlines, to accomplish that," Singh said at an event hosted by business group ASSOCHAM.

Singh and his family own 59.4% of the financially precarious airline, with the public owning the remaining shares. According to the firm filing on the BSE as of June 30, this year, up to 44.24 percent of the promoter equity was pledged to the creditors (YES Bank, IDFC First Bank, and Indian Bank being the largest ones).

According to BSE, SpiceJet had a market value of Rs 2,783 crore on Tuesday.

According to Singh, capital is also being obtained through the Emergency Credit Line Guarantee Scheme (ECLGS), which is funded by the government, and through a "sell and leaseback procedure using our new aircraft that are being delivered by Boeing."

An airline sells its jets to a lessor through the sale and leaseback process, and then immediately leases them back. The airline then pays the lessor a monthly lease payment. The airline is able to sustain liquidity thanks to this method.

"A shareholder resolution that we have passed states that we will raise up to Rs 2,000 crore. A portion of the funds has already been raised, according to Singh.

He gave the following response when asked how much of the share would be placed up for sale: "That depends on what bids are available to us. We shall exert all of our influence to keep SpiceJet a powerful and active player.” He said yes when asked if SpiceJet was also contemplating the Qualified Institutional Placement method of raising money, adding that SpiceJet was considering all of the possibilities.

By the end of 2022, the airline, according to Singh, would add seven new Boeing 737 Max aircraft to its fleet. He stated that SpiceJet is now using 60 aircraft to do commercial flights. In FY19, FY20, and FY21, consecutively, SpiceJet had net losses of Rs 316 crore, Rs 934 crore, and Rs 998 crore. The airline reported a financial loss of Rs 1,267 crore for the April through December 2021 period. The airline is yet to declare results for the January-March period of 2022.