Pursuits
India’s SpiceJet Grounded Over Its $2.2 Million Fuel Bill
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SpiceJet Ltd. grounded its fleet after Indian oil companies refused to fuel its planes on credit, rebuffing a government request to help the struggling budget carrier. The shares fell.
Oil companies haven’t agreed to a proposal by the civil aviation ministry yesterday to grant the airline fuel on credit, Chief Operating Officer Sanjiv Kapoor said in a phone interview today. Gurgaon, India-based SpiceJet owes 140 million rupees ($2.2 million) to oil companies, less than 0.5 percent of its annual fuel bill, he said.