SpiceJet, the country's second largest budget airline, has reported Rs 1,003 crore net loss last fiscal. The company is reportedly in talks an overseas investor seeking fund infusion and according to reports the talks have reached "very advanced stages".

The carrier is promoted by media baron Kalanithi Maran and it now needs cash desperately to remain operational.

"We are in very advanced stages of a capital infusion discussion with an external entity that when completed will help us clean up our arrears and rebuild with confidence," the airline said in a statement.

Sydney-based aviation think-tank Centre for Asia Pacific Aviation (CAPA) reported that SpiceJet needs at least Rs 1,200 crore funds to continue its operations.

SpiceJet had US investor Wilbur Ross as the single largest stakeholder before Maran acquired the majority stake in the budget carrier n June 2010. Ross had made a USD 80 million strategic investment in 2008 and sold his 30 per cent stake for USD 127 million.

Meanwhile, the airline in a statement said that Kamal Hingorani has been promoted as senior vice-president and head of customer experience of the airline. It added that Ashwin Noronha will now serve as the head of ground and airport services.

Currently, Hingorani is SVP and heads ground and airport services. Hingorani will now be incharge of in-flight, catering, and customer relations teams.

Noronha has joined SpiceJet from the consulting and auditing firm KPMG and has over 14 years of airline industry experience. He had earlier worked with Air India SATS, Jet Airways and Qatar Aviation Services.