Zee Media Bureau
New Delhi: Budget carrier SpiceJet on Thursday announced that its promoter Kalanithi Maran will transfer the ownership of the airline to the original founder Ajay Singh.
The financial details of the deal were not disclosed yet.
SpiceJet, which began life in 2005, employs around 5,000 people and operates 230 flights a day in a market where demand for air travel is rising rapidly but making a profit has proven difficult for most major airlines.
The second-largest budget airline has been struggling for months and was hit by cash crunch. The airline not only reduced its Boeing plane fleet but has also lost a considerbale market share.
Zee News App: Read latest news of India and world, bollywood news, business updates, cricket scores, etc. Download the Zee news app now to keep up with daily breaking news and live news event coverage.
