Deals
SpiceJet Surges on $240 Million Rescue Plan by JPMorgan, Singh
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SpiceJet Ltd. surged by its daily limit in Mumbai trading after billionaire Kalanithi Maran agreed to give up control to a group of investors led by co-founder Ajay Singh to keep the cash-strapped carrier flying.
Singh, who ceased to be a director in 2010, and partners including a unit of JPMorgan Chase & Co. will invest 15 billion rupees ($243 million) in three installments through March, a senior Indian civil aviation ministry official with direct knowledge of the funding plan said yesterday. SpiceJet spokeswoman Sudipta Das declined to comment on investors today.