Indian budget carrier SpiceJet announced today that it accepted its chief executive officer's resignation request. The request was filed eighteen months prior to his contract's expiration. No one has been named to take his place in the company.

The company's acceptance of the resignation was led by the company's Board of Directors yesterday during a meeting. The decison was "in accordance with the terms of his employment with the company."

Reports said that SpiceJet was looking to raise funds from foreign carriers and other investors in order to deal with the local industry's competitive climate. Carriers based in the Gulf region denied reports about investing in SpiceJet, but observers said that a carrier from East or Southeast Asia could possibly do business with the Chennai-based budget flier.

"We reiterate that few investors have evinced interest in the company post the government allowing foreign direct investment by the foreign airlines in domestic carrier," commented SpiceJet.