BENGALURU - Indian low-cost carrier SpiceJet said on Wednesday top shareholder Ajay Singh would infuse 5 billion rupees ($60.85 million) into the company to strengthen the airline's financial position.

Ajay Singh, also SpiceJet's managing director, holds a 50.6% stake in the company, as per exchange data.

The fundraise comes as SpiceJet looks to quell fears of the airline going insolvent after rival GoFirst filed for voluntary bankruptcy.

($1 = 82.1664 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Nivedita Bhattacharjee)