SpiceJet set to name Maran as chairman

New Delhi: Low-cost airline SpiceJet is headed for a complete overhaul of its board with Sun Network chairman Kalanithi Maran taking over as chairman of the carrier following acquisition of over 66% stake in the in the company through off-market transaction and open offer. The proposal to this effect is expected to come up for approval in the board meeting slated for Monday. “Maran would formally take over as airline chairman on Monday. Six new directors are also proposed to be inducted with some stepping down,” industry sources said.
Maran had in June announced to acquire 37.7% in the airline by buying out Wilbur Ross and Bhupendra Kansagara’s holding for about Rs 750 crore. Following the open offer Maran and his Kal Airways hold now about 66% in the budget carrier.
13/11/10 Financial Express

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Categories: spicejet Nov 2010, Sun Airways Nov 2010