NEW DELHI -- SpiceJet, the cash-strapped Indian budget airline, appears to have been pulled from the brink of collapse after co-founder Ajay Singh, who sold out in 2010, returned with the the majority of shares in hand and a revival plan.
SpiceJet's former promotors -- billionaire media tycoon Kalanithi Maran and Kal Airways -- agreed to sell their entire combined stakes in the airline of 58.46% to Singh. The transfer was revealed in a regulatory filing after a board meeting on Thursday.
