SpiceJet founder moots five-year rescue plan
After agreeing to take the helm of SpiceJet again, co-founder Ajay Singh is expected to make big cuts in order to secure the ailing carrier’s survival.
Singh also hinted he is looking at bringing in foreign investment.
It is thought Singh will inject USD$240 million by the end of January but will likely make significant cuts to its fleet size and route network.
The SpiceJet board last week approved the ‘Scheme of Reconstruction and Revival’ that would see current owners Kalanithi Maran and Kal Airways transfer ownership to Singh,
"The airline has given a revival and restructuring plan to the Civil Aviation Ministry for change in control, which has to be cleared by it. Once the Ministry do it, we will execute the revival plan," Singh said.
Singh said he has drawn up a five-year plan to make the airline more efficient, which could involve the phasing out of its fleet of Bombardier Q400 aircraft.
It may also only focus on higher performing routes between major cities in the short term, but will also mean some job cuts.
"Downsizing has to be done but we will try to keep it at minimum," Singh added.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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