SpiceJet wants Tatas on board

New Delhi: Low-cost carrier SpiceJet, which is mulling to expand horizons in the international airspace, has said that it wishes to have Tatas on its board to benefit from the conglomerate’s expertise. “We would love to have Tatas on board as whoever they would appoint as their representative would be an expert in the area and bring in good corporate governance,” SpiceJet executive chairman and CEO Siddhanta Sharma said.
Reasoning why SpiceJet would love to have Tatas on its board, he said, “If they put on board someone in any company, it would be an expert in the area and they would bring in good corporate governance. Tatas’ culture is the best culture in the country. They are pioneers in integrity and other areas.” Towards the end of 2006, Tata Group Ewart Investment had bought 7% in SpiceJet for about $17 million.
The investment did not entitle them a board seat in the airline. “When the Tatas invested in the airline, they made it clear that it was a purely financial investment and they said that they did not have sufficient resources to have a bigger role in the project,” said Mr Sharma.
10/03/08 Economic Times

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Categories: SpiceJet Mar 2008