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Ajay Singh now SpiceJet chief, firm garners Rs.300-crore funding

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New Delhi: Budget passenger carrier SpiceJet on Thursday said one of its founders, Ajay Singh, has been appointed as chairman and that the low-cost carrier (LCC) has managed to garner Rs.300 crore funding.

According to the company, in a meeting held on Thursday its board of directors appointed Ajay Singh and his wife Shiwani Singh as directors.

Harsha Vardhana Singh, who is an adjunct professor of international and public affairs at Columbia University, New York, has been given the charge of an independent director.

Till now Ajay Singh was functioning as a director of the company after buying out the stake of the erstwhile promoter Kalanithi Maran and KAL Airways earlier in the year.

On February 24, the airline’s ownership was transferred to Ajay Singh from erstwhile promoter Kalanithi Maran and KAL Airways.

On January 29, Maran sold his majority stake to Ajay Singh.

Earlier on January 15, the airline’s board approved the plans to allow Maran together with KAL Airways to off-load their stake in the company to Ajay Singh after regulatory clearances.

Maran, together with KAL Airways, held 58.4 percent stake in SpiceJet, while Ajay Singh had a 4.5 percent stake. Maran acquired SpiceJet for close to Rs.750 crore.

In December 2014, Maran made it clear that no fresh bailout package could be put together for the airline in which nearly $400 million or Rs.2,500 crore has been invested since 2010.

This is Ajay Singh’s second innings with the airlines which he co-founded with Bhupendra Kansagra in 2005. However, he sold his stake along with Kansagra and assets buyout specialist Wilbur Ross in 2010 to Sun Group’s Maran.

“The board also took on record mobilization of additional funding of Rs.300 crore through various sources,” the company was quoted in a statement.

Under the company’s revival plan fresh funds were infused into the airline after the takeover was completed.

The infusion of funds worth Rs.1,500 crore was expected in a staggered manner till April.

Some estimates place the infused amount at Rs.500 crore that was invested in the airline in the first tranche.

The airline plans to raise funds up to Rs.1,500 crore through issue of securities.

“(Board) also took on record company’s efforts to increase its fleet size to 45-50 aircraft by the financial year ending March 2016,” the statement added.

The airline’s fleet size late last year stood at 55 before a financial crises lead it to truncate it. Currently, the fleet size stands at 35 which comprises 20 Boeing aircraft and 15 Bombardier Q400s.

In April, the airline leased out three Boeing-737s from a Czech company on a short-term wet-lease to meet the summer rush.

The company has also increased the number of its flights to 270 in the current summer schedule from 210 operated during the winter period.

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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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