SpiceJet owner to off-load stake to new promoter Ajay Singh

New Delhi: In a move that might help cash-strapped budget passenger carrier SpiceJet escape the financial turbulence currently rocking it, the airline's promoter Kalanithi Maran will off-load his stake in the company to new promoter Ajay Singh after regulatory clearances.

A regulatory filing was made in this regard at the Bombay Stock Exchange Thursday.

This is Singh's second innings with the airlines which he co-founded with Bhupendra Kansagra in 2005. However, he had sold his stake along with Kansagra and assets buyout specialist Wilbur Ross in 2010 to Sun Group's Kalanithi Maran.

Singh's move was along expected lines as he, along with the airline's management, had met civil aviation ministry officials to evince his interest in investing back in the budget carrier.

The airline is hopeful that with the new promoter at the helm, fresh funds will be infused to strengthen its operations.

The company had also made it apparent to the ministry that new promoter Singh -- with his revival plan -- will help it tide over the current financial turmoil.

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