In a sign of relief to the Loss-making airlines, SpiceJet, co-founder Ajay Singh has signed an agreement with Sun Group Chairman Kalanithi Maran, who controls 53 percent stake in the airline to take over ownership, however the financial details were not disclosed. SpiceJet, India's second largest budget airline was hit by financial troubles last month and was also forced to stop its operations for a short period.

The low cost airlines needs Rs 2000 crores to survive with immediate effect and according to the sources, Ajay Singh is likely to inject around Rs 1,550 crores in the airlines. Further the sources added that Mr Singh is in talks with US-based private equity company Indigo Partners, private investment firm TPG Capital and investment banks JPMorgan and Morgan Stanley.  Singh will also raise his personal stake in SpiceJet up to 26 per cent from the current 4.5 per cent.

SpiceJet began its journey in 2005 and currently employes 5,000 people and operates 230 flights a day.