You are here: Home » Reuters » News
Business Standard

Co-founder of SpiceJet agrees to take control


By Tommy Wilkes and Aman ShahMUMBAI/NEW DELHI (Reuters) - The co-founder of airline SpiceJet Ltd has agreed to buy out its billionaire owner, the first part of an effort to turn round the fortunes of the low-cost carrier in an increasingly crowded aviation sector.Ajay Singh, who helped found SpiceJet in 2005 and was likely to submit his rescue plan by the end of the month, has agreed to take control of the ownership and management from majority owner Kalanithi Maran's Sun Group, the airline said on Thursday. SpiceJet has been struggling to pay its bills for months because of a cash crunch ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Thu, January 15 2015. 19:32 IST