Low-cost carrier SpiceJet received a fresh cash infusion from its promoter Ajay Singh on Thursday. The cash will be used by the no-frills carrier to fund its working capital requirement, a source close to the airline told FE.

Though the exact amount of the cash infusion couldn’t be immediately ascertained, industry sources peg it to be around R400-500 crore.

PTI had earlier in the day reported that Ajay Singh infused R500 crore in the airline. However, Singh wasn’t available for a comment. Numerous calls to his number went unanswered.

“Ajay Singh has infused cash into the airline which will be used to fund the working capital requirements of the airline,” the source told FE under the condition of anonymity.

A former co-founder of SpiceJet, Ajay Singh, had quit the airline in 2010. Singh came back to the airline after the Kalanithi Maran-led Sun Group said that it was unable to inject more funds to revive SpiceJet in the third week of December. This coincided with the serious trouble the carrier faced in the period due to its increasing liabilities.

Singh completed the transfer of ownership and became the promoter of the airline after former owners, Kalanithi Maran and Kal Airways Private Limited, concluded the transfer of their entire ownership ,amounting to over 350 crore shares, on February 24.

According to the deal, Singh is to pump in R1,500 crore into the airline in tranches during the next three months.

While Singh has already put in R500 crore, including the latest infusion, into the airline, he is expected to pump in another R500 crore by March, followed by another instalment of R500 crore by April-end.