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Gurugram, February 16, 2018: SpiceJet Chairman and Managing Director
Ajay Singh — widely acknowledged as a turnaround specialist — was named ‘Indian
Entrepreneur of the Year 2017 for Business Transformation’ by Ernst & Young (EY), the
leading consulting firm, at a grand awards banquet held in Mumbai on 15th February
2018.
Ajay Singh has scripted one of the most remarkable turnaround stories of recent times.
SpiceJet was on the verge of shutting down in December 2014, having cancelled hundreds
of flights, when Mr Singh stepped in and gave it a new lease of life.
From staring at an imminent closure to achieving 12 quarters of profit and a load factor
of over 90% every month for 33 months in a row (a global aviation record), SpiceJet’s
turnaround story under the leadership of Ajay Singh, has been one which probably has no
parallel in the aviation world today. The SpiceJet stock has emerged as world’s
best-performing aviation stock.
“I feel humbled and honoured to receive this award, which is a testament of the hard
work put in by Team SpiceJet. We have achieved what very few airlines in the world have
managed and this has been a magnificent journey. This award belongs to each and every
SpiceJetter who has worked with such great passion and dedication in the last three
years,” said Ajay Singh, CMD, SpiceJet.
A distinguished nine-member independent Jury Panel, led by Dilip Shanghvi, Managing
Director, Sun Pharmaceuticals Industries, selected the finalists. The other jury
members included Jalaj Dani, Co-promoter, Asian Paints; Harsh Goenka, Chairperson, RPG
Enterprises; Naina Lal Kidwai, Chairperson, Max Financial Services; Meher Pudumjee,
Chairperson, Thermax; Renuka Ramnath, MD and CEO, Multiples Alternate Asset Management;
Vijay Sankar, Deputy Chairman, Sanmar Group; M.K. Sharma, Chairman, ICICI Bank; and
Romesh Sobti, MD and CEO, IndusInd Bank.
The winners were carefully handpicked from a pool of 250+ outstanding nominations. The
finalists were felicitated in Mumbai.
Under Mr. Singh, SpiceJet — India’s second biggest budget carrier —today flies more than
400 daily flights.
With the grand scheme of making every Indian fly, he has been on a constant pursuit to
unlock the growth potential of Tier II and Tier III towns in the country. Building the
country’s regional air connectivity, backing PM Narendra Modi’s UDAN scheme, exploring
opportunities for seaplane operations, Mr. Singh’s novel and out-of-the-box ideas have
not just earned him global recognition but he is today the face of the Indian aviation
industry.
EY Entrepreneur of the Year is the world’s most prestigious business award for
entrepreneurs. The unique award makes a difference through the way it encourages
entrepreneurial activity among those with potential, and recognizes the contribution of
people who inspire others with their vision, leadership and achievement. As the first
and only truly global award of its kind, EY Entrepreneur of the Year™ celebrates those
who are building and leading successful, growing and dynamic businesses, recognizing
them through regional, national and global awards programs in more than 145 cities in
60 countries.
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