IndiGo co-founder Rakesh Gangwal is reportedly considering purchasing a stake in rival budget carrier SpiceJet. The size of the stake is expected to be significant, and talks between Gangwal and the airline are said to be at an advanced stage. SpiceJet is currently facing financial challenges and is seeking funds due to a cash crunch. The airline has been dealing with repossession cases from lessors and has grounded a quarter of its fleet. Gangwal’s potential stake purchase has led to a surge in SpiceJet’s share price.
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