Maran takes over as Chairman of SpiceJet
After much speculation and shortly after acquiring an additional stake in SpiceJet Ltd, Kalanithi Maran, chairman and promoter of Sun Network on Monday, formally took over as the chairman of the low-cost airline.
The media baron’s associate company KAL Airways Private Ltd had recently bought an additional 7.68 per cent stake in SpiceJet for Rs 146.86 crore. Maran had acquired 31.08 million shares of SpiceJet through an off-shore market transaction. With this, he becomes the majority shareholder in the company, holding 38.66 per cent stake. The combined stake of both Maran and his associate company has gone up to 66.2 per cent in SpiceJet.
Speaking on the occasion, Maran said, “I am very optimistic about the growth in the aviation business which is the basis for SpiceJet recently placing order for 30 new Boeing 737-800NG aircraft with deliveries commencing from 2014. This is in addition to our plans to double our current fleet size to 50 aircraft by 2013.”
The agreement was signed in June between the Chennai-based industrialist and the former promoters of SpiceJet, namely, American investor Wilbur Ross, his investment companies and Bhulo Kansagara family-promoted Royal Holding Services Ltd. The deal was estimated to be worth Rs 740 crore.
SpiceJet has 13 per cent market share and operates 153 flights daily to 20 Indian cities.
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