Maran to transfer SpiceJet ownership to founder Ajay Singh
January 15, 2015 15:56
SpiceJet promoter Kalanithi Maran will transfer ownership of the no-frills airline to original founder Ajay Singh, reports PTI.
A clutch of investors led by the airline's co-founder Ajay Singh is likely to sign an agreement with Sun Group chairman Kalanithi Maran, who holds the controlling stake to buy out the latter's shares.
The airline told the aviation ministry that it would submit an investment plan to market regulator, the Securities and Exchange Board of India (Sebi), soon.
Sources said investors led by Singh, who helped set up the low-cost airline in 2005, and investment bank JP Morgan are likely to inject around $250 million (Rs. 1,550 crore) in the ailing airline that had been staring at a shutdown unless it got an investor on board.
A clutch of investors led by the airline's co-founder Ajay Singh is likely to sign an agreement with Sun Group chairman Kalanithi Maran, who holds the controlling stake to buy out the latter's shares.
The airline told the aviation ministry that it would submit an investment plan to market regulator, the Securities and Exchange Board of India (Sebi), soon.
Sources said investors led by Singh, who helped set up the low-cost airline in 2005, and investment bank JP Morgan are likely to inject around $250 million (Rs. 1,550 crore) in the ailing airline that had been staring at a shutdown unless it got an investor on board.
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