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Jaswanth Jegan
Founder-Hexpertify.c... • 1y
"The Hero Who saved a Airline Twice" Bankruptcy to Billions #6 Ajay Singh returns to save SpiceJet Ajay Singh Bought ModiLuft(bankrupt Airline) and renamed as Spicejet with three leased aircraft, and Rs 10 crore of investment.SpiceJet took off on 23 May 2005.By 2008, SpiceJet was India's third-largest low-cost carrier. However, Singh sold most of his stake in 2010 to Kalanithi Maran. In 2014 Spicejet suffered by huge loss,Civil Aviation warned over non-payment of salaries and dues,all flights were grounded after oil companies refused to refuel its planes the Airline was in the verge of Bankruptcy. Then Singh stepped in, bought the controlling stake and turned around by renegotiating debts, optimizing operations, enhancing service quality, implementing innovative marketing. Singh successfully transformed SpiceJet from a struggling airline on the verge of bankruptcy to a profitable industry leader.
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