In a recent development, US-based W L Ross & Co. LLC will invest Rs 345 billion (USD 80 million) in India’s budget carrier, SpiceJet. The deal was finalised today and the news of the same pushed up the share price of the airline by 13 per cent (share price went up to Rs 31.60) at the Bombay Stock Exchange (BSE). A fall of 14 per cent in the share price of the airline was recorded yesterday following the announcement of the resignation of Siddhanta Sharma, CEO, SpiceJet.
Speculation is rife that Sharma’s resignation may be followed by the resignation of Bhupendra Kansagra, Promoter, SpiceJet, the man who appointed Sharma. According to the SpiceJet’s corporate communications division, Kishore Gupta, Executive Director, SpiceJet is likely to replace Sharma as CEO. Wilbur L Ross Jr, Chairman and CEO, WL Ross & Co. LLC and Ranjeet Nabha, Managing Director and CEO of WL Ross India are expected to join the Board of Directors of SpiceJet. |