Sun Network’s Maran takes over as chairman of SpiceJetBy IANS
Monday, November 15, 2010
NEW DELHI - Low-cost airline SpiceJet Limited Monday said Sun Network’s chairman and promoter Kalanithi Maran has taken over as chairman and director of the company.
I believe that the SpiceJet business model is ideally suited to meet the current and emerging consumer demand for affordable and efficient air travel, Kalanithi Maran, who holds 66 percent combined stake in SpiceJet, said in a company statement.
Earlier in June, Maran entered into an agreement with the Gurgaon-based company to acquire 37.7 percent stake for an estimated Rs.750 crore.
He bought the stake from the US-based private equity investor Wilbur Ross’ investment companies and the airlines original promoters, Bhupendra Kansagara and his family.
On Nov 11, Maran picked up another 7.68 percent stake in the budget airline company through an off-market transaction, after he picked up another 20 percent through a public offer at Rs.57.76 a share.
Currently Maran’s combined stake in SpiceJet stands at 66 percent.