SpiceJet (SG, Delhi International) is looking to raise up to INR3 billion (USD47.2 million) in additional capital as it moves ahead with plans to grow its fleet to 45-50 aircraft by March 2016. The budget carrier currently operates nineteen B737-800s, one B737-900, and fourteen Dash 8-400s.

According to a filing with the Bombay Stock Exchange, Spicejet's board of directors held a meeting in Chennai last week during which it appointed new majority shareholder Ajay Singh and his wife Shiwani Singh as directors and Harsha Vardhana Singh as an independent director.

As part of his government-approved turnaround plan for Spicejet, Singh pledged to invest a total of INR15 billion (USD236 million) into the airline of which INR5 billion (USD78.75 million) was disbursed in February.