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Gurugram, 30 January, 2018: SpiceJet Chairman and Managing Director,
Ajay Singh today received the prestigious CAPA Chairman’s Order of Merit for Excellence
in Indian Aviation Award for his contribution towards Indian aviation and the
remarkable turnaround and financial performance of SpiceJet at an event in Mumbai.
The CAPA Chairman’s Order of Merit for Excellence in Indian Aviation was initiated last
year to recognise and bring attention to notable achievements by Industry players.
“I am honoured to receive this award. This is a recognition of SpiceJet’s spectacular
comeback. This award belongs to each and every SpiceJetter who has worked with such
passion and dedication in the last three years,” said Ajay Singh, CMD, SpiceJet.
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 11 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.
“SpiceJet has had a magnificent journey since Ajay Singh took over and rescued the
airline from near closure, to a track record of 11 consecutive quarters of
profitability,” said Peter Harbison, Executive Chairman, CAPA – Centre for
Aviation.
“Not only has the operational performance improved significantly, but SpiceJet has
maintained profitability through its operations and is poised for growth with more than
200 aircraft on order. The turnaround of SpiceJet has not only been a great success
story for the company, but it has improved confidence in the Indian industry overall,”
Harbison added.
CAPA tracks the industry in India on a 24x7 basis right across the value chain through
their established consulting and research operations in the region.
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