SpiceJet promoters on Thursday said they will infuse an additional Rs 300 crore into the company as part of a recapitalisation process to strengthen the carrier’s finances, the airline said.
Gurgaon-headquartered SpiceJet, whose ownership changed hands from media baron Kalanithi Maran to one of the airline’s co-founders, Ajay Singh, in January, also plans to increase its fleet size to 50 aircraft from the existing 34.
The carrier also said that it has inducted Shivani Singh, Ajay Singh’s wife, into the board of the company. According to Sebi norms, listed companies are required to have at least one woman director on the board.
“Ajay Singh has been designated as managing director and chairman of the board of the company. Singh will not draw any remuneration for the executive functions to be performed by him,” a SpiceJet statement said. “The Board also took on record mobilisation of an additional funding of Rs 300 crore through various sources and also took on record company’s efforts to increase its fleet size to 45-50 aircraft by the financial year ending March 2016,” it added.
SpiceJet, which has scaled down its fleet from 58 to about 34 in the last 18 months and cut down on routes, is looking to expand operations as it looks to tap into renewed consumer interest in the airline. The SpiceJet fleet currently has 15 Bombardier and 19 Boeing aircraft.
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