New Delhi: With the Marans, who held over 53 per cent stake in SpiceJet, transferring their entire stake in the airline to Ajay Singh, the low cost airline has literally been brought back from the brink.
SpiceJet shares breached the upper circuit and rose 10% to Rs. 20.50 on the BSE in morning trade.
The announcement of transfer of ownership, management and control of SpiceJet to Singh on Thursday brought to an end the close to a month long period of uncertainty about the future of the airline and its employees. At one stage in mid-December, the Marans were looking to shut down the airline as they were upset with the fact that there was no help forthcoming from any quarter.
A senior Sun TV official had flown down to Delhi to make the closure announcement in front of the national media. But with the Government worried at the consequences an airline closing down and what impact it would have on passengers and the families of those working for the airline, all efforts were made to provide a helping hand.
It was around this time that Ajay Singh, a known BJP sympathiser, who had earlier met with the Marans in August and made an initial offer for the airline re-entered the picture. Ajay is close to the ruling BJP and was earlier associated with its leader Pramod Mahajan. He is also said to be one of the persons behind the party’s latest electoral campaign which swept Narendra Modi to power.
16/01/15 Ashwini Phadnis/Business Line
SpiceJet shares breached the upper circuit and rose 10% to Rs. 20.50 on the BSE in morning trade.
The announcement of transfer of ownership, management and control of SpiceJet to Singh on Thursday brought to an end the close to a month long period of uncertainty about the future of the airline and its employees. At one stage in mid-December, the Marans were looking to shut down the airline as they were upset with the fact that there was no help forthcoming from any quarter.
A senior Sun TV official had flown down to Delhi to make the closure announcement in front of the national media. But with the Government worried at the consequences an airline closing down and what impact it would have on passengers and the families of those working for the airline, all efforts were made to provide a helping hand.
It was around this time that Ajay Singh, a known BJP sympathiser, who had earlier met with the Marans in August and made an initial offer for the airline re-entered the picture. Ajay is close to the ruling BJP and was earlier associated with its leader Pramod Mahajan. He is also said to be one of the persons behind the party’s latest electoral campaign which swept Narendra Modi to power.
16/01/15 Ashwini Phadnis/Business Line
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