Cash-strapped SpiceJet promoter Ajay Singh is in talks with multiple players — including a Middle Eastern carrier and a big Indian conglomerate — for stake sale to raise funds for the struggling-to-survive budget airline which urgently requires recapitalisation to keep flying. The airline management had been telling government officials concerned about its poor financial health about these talks and has now confirmed the same. A SpiceJet spokesperson said: "The Company continues to be in discussions with various investors to secure sustainable financing and will make appropriate disclosures in accordance with applicable regulations.” Singh has about 60% stake in the budget carrier. Airlines sources claim Singh is “in active discussion with a Middle Eastern carrier for a possible stake sale which has expressed interest to pick 24% stake and a board seat in SpiceJet. A big Indian business conglomerate has also approached Singh for a stake in the airline.” Comments have been sought from big Middle eastern carriers and the big Indian conglomerate, and are awaited.