SpiceJet facilitates Ross entry, to appoint 3 to board

New Delhi: Low-cost carrier SpiceJet will appoint three new directors to its board to accommodate US investor Wilbur Ross on the company board. The airline is already in dialogue with a number of people from across the industries for the same.
“As per the government norms, only one third of an Indian carrier’s board can comprise foreigners. At present, we have eight board members. We recently introduced Ranjeet Nabha of WL Ross & Co to our board. To appoint Wilbur Ross, we need to get three more independent members,” Sanjay Aggarwal, the chief executive officer of the airline, told Financial Chronicle.
He said Ross has been granted the security clearance from the ministry of civil aviation and will be appointed as a director on the SpiceJet board soon after other formalities are completed.
Aggarwal said the company was not looking at the new board members to bring in investments, not even from Ross, who has already pumped in $80 million in the company.
The carrier is also in search of various senior-level executives including chief financial officer and the heads of human resource and marketing.
In addition, SpiceJet will hire about 60 pilots and another equal number of employees for various levels in the next fiscal. However, Aggarwal said, considering the tough times in the aviation sector, the airline will not announce any salary hike for its top management in the next financial year.
25/02/09 Parul Chhaparia/mydigitalfc.com

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Categories: Foreign Feb 2009, SpiceJet Feb 2009