SpiceJet on Thursday said it has settled a $90.8 million dispute with Export Development Canada for a total consideration of $22.5 million, leading to the airline taking ownership of 13 Q400 planes. This resolution will result in savings of $68.3 million (Rs 574 crore), it said.
Export Development Canada has announced its $100 million participation in a 10-year $2 billion syndicated loan for Reliance Industries Limited.
A Canadian company will be manufacturing auto parts for Tata's Nano, as more Canadian companies look for business avenues in India.
The first tranche was raised a few weeks ago and the company was looking to raise more if needed.
The chief operating officer said that the carrier will surmount the present crisis very soon.
The civil aviation ministry appears supportive of SpiceJet because it does not want another airline to fail. The real test now will be the capacity of the airline's chairman, Kalanithi Maran, to raise funds. And he needs to do this quickly.
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