Can Ajay Singh save SpiceJet a second time?
Live MintBy December of 2014, SpiceJet Ltd, then controlled by media baron Kalanithi Maran’s Sun Group, was debt-ridden and on the verge of closure. “There was still great potential in aviation, and oil prices were coming down," Singh, now the chairman and managing director of SpiceJet, told this writer in 2018. While SpiceJet is confident of getting the compensation, the auditors of the company noted that the airline would report steeper losses had it not recognized the ‘other income’ during Q4FY21. Another senior industry executive, who has worked for top commercial airlines, said that SpiceJet may not get the full compensation it claims as most aircraft manufacturers don’t prefer a direct/full cash payment. “I would not write off SpiceJet as Ajay Singh has shown an uncanny ability to somehow survive, whether it is by being extremely nimble or getting into new areas of business through new routes," an aviation expert said, requesting anonymity.
History of this topic
SpiceJet's Ajay Singh May Sell Over 10% Stake in Airline to Raise Funds
News 18
SpiceJet chairman Ajay Singh may sell over 10% stake in airline to raise funds
The Hindu
Ajay Singh, boss of struggling SpiceJet that laid off people to stay aloft, bids for GoFirst
Hindustan Times
Indian airline SpiceJet tells court it is 'struggling to stay afloat'
The Hindu
SpiceJet: Flying on a wing and a prayer
The Hindu
SpiceJet director Ajay Singh booked for allegedly duping businessman of lakhs, airline calls case 'bogus'
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