Thursday, January 18, 2007

SpiceJet offers Tatas a seat on board

Mumbai: The SpiceJet management has invited the Tata group to take a seat on the board of the Delhi-based low cost airline. The Tata group company Ewart Investments had taken a 7% stake in the company with an investment of about $17 million, which does not entitle a board seat.
However, the SpiceJet management says the company’s experience will bring value to the board. The Tata group has said the investment in the airline is purely financial and has nothing to do with their earlier ambitions in the aviation business.
The Dubai-based investment group Isthitmar, already has one director on the SpiceJet board and will have one more, once the share allotment is complete. SpiceJet has decided to issue $70 million worth of stock to investors like the Tatas, Isthithmar, Goldman Sachs group and BNP Paribas.
18/01/07 Economic Times