New Delhi: Beleaguered SpiceJet could see a change of guard if Indian and foreign investors, who are now carrying out due diligence of the cash-strapped airline, are convinced about investing over Rs 1,200 crore and picking up considerable stake in it, industry sources said.

The airline was on the brink of collapse with all its flights grounded five days ago. It has been put on cash-and-carry deals with oil companies. Mr Ajay Singh, one of the original promoters of SpiceJet, appears to have stepped in as a white knight by evincing interest to re-invest, along with other investors.

The potential acquirers are likely to take 4-6 weeks to complete evaluating the airline and its assets and take a decision, the sources said. SpiceJet’s data room has been opened for due diligence.

If the investment goes through, control of the airline may shift from Kalanithi Maran to the potential investors. Mr Maran and his Sun Group could continue to be a minority shareholder, the sources said. The Marans own 53.48 per cent stake in the company.