Tuesday, June 27, 2017

Why Donald Trump thanked SpiceJet

New Delhi: US President Donald Trump on Monday thanked Gurgaon-based budget carrier SpiceJet for placing a large order for aircraft from American multinational Boeing. The order would create thousands of jobs in the US, Trump said. Prime Minister Narendra Modi met President Trump and First Lady Melania Trump at the White House in Washington DC on Monday, where the US President praised PM Modi+ for his efforts back home, saying he's doing a "great job". "Economically, India is doing very well," Trump said.
SpiceJet has placed a $22 billion order with Boeing+ for up to 205 planes to be manufactured in the US. This would create 1,32,000 high-skilled, high-paid American jobs within the US, according to the US Department of Commerce.
Interestingly, Trump's Commerce Secretary Wilbur Ross's private equity firm Wilbur Ross and Co. had invested $86 million in SpiceJet in 2008. However, in 2010, Ross sold his 30 per cent stake in SpiceJet for $127 million.
On how SpiceJet plans to finance the aircraft order, the company's chairman and managing director Ajay Singh said, "Funding arrangements for those are coming very quickly in place. We have already funded significant number of those aircraft through a sale and leaseback mechanism. And we have several offers."
27/06/17 Times of India