SpiceJet surges 20% as CCI approves deal with Ajay Singh

MUMBAI: Shares of SpiceJet surged about 20% in intraday trade after fair trade watchdog Competition Commission of India ( CCI) cleared Ajay Singh's proposal to acquire a majority stake in cash-strapped airline.

Under the revival plan, Singh would acquire a majority stake in the airline.

Singh has proposed to invest Rs 1,000 crore in the company in two tranches. In an interview to ET Now, he said that the first tranche is expected to be invested by next Monday.

According to him, SpiceJet is in a far better position than it was last year. Singh plans to the increase fleet size and operations.