Sources in the aviation ministry say that the recapitalisation plan submitted by SpiceJet ’s co-founder Ajay Singh may have been cleared by the Aviation Ministry on Monday morning. The plan, which could involve Rs 1,500-crore investment in the airline, in three tranches, has now been forwarded to aviation regulator DGCA. On January 15, SpiceJet’s board of directors approved a proposal of principal shareholder and promoter Kalanithi Maran and KAL Airways Private Limited to transfer the ownership, management and control of the company to former promoter and director Ajay Singh. Currently, Kalanithi Maran and his company, KAL Airways, together have 58.46 percent stake in the airline. As per the revival plan firmed up by Ajay Singh, the airline would focus on strengthening finances and improving operational efficiency.
19/01/15 Sindhu Bhattacharya/CNBC-TV18/moneycontrol dot com
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19/01/15 Sindhu Bhattacharya/CNBC-TV18/moneycontrol dot com
