Aviation

CCI approves Ajay Singh’s taking 58% stake in SpiceJet

DELHI

The Competition Commission of India (CCI) has approved the proposed combination and acquisition of entire shareholding of Kalanithi Maran and Kal Airways Private Limited in Spicejet Ltd. by Ajay Singh. As per informations provided to the Bombay Stock Exchange (BSE), Maran’s and Kal Airways’ 58.46 per cent shareholding in the airline, aggregating to 350,428,758 equity shares, can now be acquired by Singh in terms of the Competition Act, 2002.

Earlier,troubled airline SpiceJet had breathed a sigh of relief with top executives emphasising that its future now looks secure with a restructuring process underway. SpiceJet’s top executive Sanjiv Kapoor said the difficult period created by some “legacy issues” are over for the carrier.”The good news is that the company is, at the time of this writing, in the process of changing hands with the return to the airline of co-founder Ajay Singh as promoter, and along with that comes re-capitalisation of the airline,” he told the media.

Amid the no-frills carrier facing turbulent times, its original co-founder Ajay Singh has agreed to acquire 58.46 per cent stake from the Marans as part of a revival plan that would also see recapitalisation of SpiceJet.

Musafir Namah Bureau

 

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