Ajay Singh's Empowering Leadership: Reviving SpiceJet from the Brink

In 2014, SpiceJet was on the brink of filing for bankruptcy as they had ceased their
operations. They were looking forward to finding a way to get their wings back, but for that,
they must do the part payment of outstanding dues, which also include payments for fuel.
The management of SpiceJet was worried about how to make this airline sustainable. During
that time in January 2015, Ajay acquired 58% of SpiceJet and returned as CEO again.

Indian Aviation Sector: A Bird’s-Eye View

The Indian aviation sector is a dynamic and rapidly evolving industry that plays a pivotal role
in connecting people, fostering tourism, and driving economic growth. From the bustling
terminals to the skies above, airlines in India have been on an exhilarating journey,
overcoming challenges and capitalising on opportunities. The Indian airline industry
encompasses scheduled air transport, non-scheduled air transport, and air cargo services.
The Indian aviation sector operates in a highly competitive environment. Low-cost carriers
have disrupted the market, challenging legacy airlines. Airlines fiercely compete for
passengers, leading to price wars and innovative marketing strategies. Fuel costs constitute
a significant portion of airlines’ expenses. Volatility in oil prices impacts profitability. The
industry faces labour-related challenges, including pilot shortages, crew strikes, and
contractual disputes. Ensuring a harmonious relationship with employees is crucial for
smooth operations. Government policies, taxation, and regulations affect the industry. Slot
allocation, airport infrastructure, and air traffic management require effective coordination.
Foreign direct investment (FDI) rules impact airline ownership and operations. India’s
airports and air traffic control systems need modernisation. Investments in runways,
terminals, and navigation technology are essential for growth. Despite challenges, the Indian
aviation sector is witnessing robust growth. India is poised to become the third-largest air
passenger market globally. Rising incomes, urbanisation, and increased connectivity drive
demand.
The Indian airline industry navigates through intense competition, fuel price fluctuations,
labour dynamics, regulatory complexities, and infrastructure enhancements. Adaptability,
innovation, and strategic planning are critical for sustained success in this dynamic sector.
Several airlines operate in India; here are some of the key players:
IndiGo: As the dominant force, IndiGo commands the largest market share. Known for its
efficient operations and low-cost model, IndiGo revolutionises air travel in India.
SpiceJet: Despite facing financial turbulence, SpiceJet remains a significant player. It offers
competitive fares and contributes to the industry’s vibrancy.
Jet Airways: Jet Airways is another major player offering both domestic and international
flights. It has a strong presence in the full-service carrier segment.
Air India: As the national carrier, Air India operates both domestic and international flights. It
faces challenges in terms of competition from private carriers and operational efficiency.
GoAir: GoAir is a relatively newer player compared to others, but it expands its operations
steadily.

1
Market Share
IndiGo holds a substantial market share, especially in the domestic market, due to its low-
cost model and efficient operations. Jet Airways, despite facing financial challenges, still
holds a considerable market share, particularly in the full-service carrier segment.
Other players like Air India, SpiceJet, and GoAir also have their respective shares in the
market.
Revenue and Profits
IndiGo reports significant revenue and profits, driven by its efficient operations and growing
passenger numbers. Jet Airways faces financial difficulties during this period, leading to
challenges in revenue generation and profitability. Air India struggles with financial losses
but continues to operate with government support. SpiceJet faces a turnaround with new
investors injecting capital, leading to improved revenue and narrowing losses.
GoAir, while not as prominent in terms of revenue and profits compared to the larger players,
maintains a steady growth trajectory.

(Source: “SpiceJet | The Flying Engineer,” n.d.)

Amidst this backdrop, SpiceJet is facing a critical juncture in its journey, grappling with
mounting losses, operational issues, and a diminishing market position. Ajay Singh, a co-
founder of SpiceJet who had previously sold his stake in the company, has returned as
Chairman and Managing Director in late 2014 with a vision to turn around the struggling
airline.

The Evolution of SpiceJet

2
SpiceJet is a prominent name in India’s aviation sector. It has made its place in the aviation
sector as a low-cost carrier. SpiceJet is synonymous with affordability and accessibility. The
Journey of SpiceJet has been marked by periods of impressive growth punctuated by
financial turbulence. SpiceJet is a reincarnation of ModiLuft 1. In 1993, industrialist S.K. Modi,
in collaboration with German airline Lufthansa, established ModiLuft, one of India's first post-
deregulation airlines. However, ModiLuft's operations were short-lived, lasting only until
1996.
The SpiceJet brand, as we know it today, emerged in 2004. Entrepreneur Ajay Singh, known
for his turnaround expertise, envisioned a low-cost carrier that would make air travel
affordable for the masses. He partnered with Bhupendra Kansagra to breathe life into the
defunct ModiLuft, christening SpiceJet in May 2005. Instead of following the lengthy
processes from scratch, Singh found a much quicker way to get his airline off the ground and
purchased ModiLuft's Air Operator Certificate (AOC), renaming the carrier as SpiceJet.
The goal of the airline is to compete with the Indian Railways air-conditioned coaches and,
obviously, offer a better deal to its passengers. 2 SpiceJet's first flight departed from New
Delhi (DEL) to Mumbai (BOM) on May 24th, 2005, using a leased Boeing 737-800. The
airline's choice of aircraft set it apart from its fellow low-cost competitors, IndiGo and GoAir
(later known as GoFirst), both of which opted for the Airbus A320 family. SpiceJet operated
its 737-800s with a maximum capacity of 189 passengers in an all-economy class
configuration. This gave the airline a significant cost advantage over the likes of Air India and
Jet Airways, and by 2008, SpiceJet had grown to become one of India's five largest carriers.
By 2008, SpiceJet became India’s second-largest low-cost airline in terms of market share.
In 2009, SpiceJet won the World Travel Market Award. 3 In 2010, SpiceJet ventured into the
international aviation market. The first international flight took off from Delhi to Kathmandu,
followed by flights from Chennai to Colombo.

Ajay Singh: The Turnaround Man

When it comes to the Indian aviation industry, Ajay Singh is recognised for creating
remarkable turnarounds. Ajay Singh is a multi-talented Indian businessman who also works
in sports administration, bureaucracy, and investing.

1
https://www.seatmaestro.com/airlines-seating-maps/spicejet/history/
2
https://www.seatmaestro.com/airlines-seating-maps/spicejet/history/
3
https://www.seatmaestro.com/airlines-seating-maps/spicejet/history/

3
Childhood and Formative Years
Born on December 29, 1965, Ajay Singh spent his childhood in Maharani Bagh of central
Delhi. He was a bright student and athlete at Delhi's St. Columba's School. Singh was a
multi-sport athlete who led his school's hockey and cricket squads in addition to playing table
tennis. Singh pursued his education by earning a bachelor's degree in engineering at the
Indian Institute of Technology (IIT), Delhi (1984–88). He later attained an MBA from Cornell
University. Singh also holds a Bachelor of Law (LL.B.) from the University of Delhi's Legal
Faculty.
Mr. Singh developed a strong fascination with government operations and policy-making
during his time in the United States of America. Being president of the Cornell University’s
India Association, he was heavily involved in numerous discussions pertaining to events
happening in India.4 In 1992, Singh returned to his place of origin and became a part of the
family enterprise in real estate and fashion accessories. Singh was keen on pursuing a
career in the administration, believing he might have a profound and flawless influence.

Delhi Transport Corporation (DTC)

After completing his legal studies at Delhi University in 1996, Mr. Singh became part of the
executive committee of the city's transport corporation on the recommendation of the then
Delhi transport minister, Rajendra Gupta.
Singh was entrusted with devising a strategy to revive the insolvent firm, which had a
workforce of 40,000 workers. Throughout the next two and a half years, he strongly
advocated for the company to acquire more buses, resulting in the expansion of its fleet from
300 to over 5,000 buses, resulting in an increase in income. Mr. Singh examined
international models of public transportation and used innovative approaches to ensure the
success of public transport.

Doordarshan and Telecom Advisor

Mr. Pramod Mahajan, the Minister of Information and Broadcasting in 1998 appointed Mr.
Ajay Singh to the position of officer on special duty (OSD). In this capacity, Mr. Singh was
instrumental in the revitalization of Doordarshan as well as the establishment of DD Sports
and DD News.
The establishment of a national strategy for information technology and telecommunications
was only one of the most important recommendations made by Mr. Ajay Singh. During the
time when Mahajan was in charge of the telecom portfolio in 2001, Mr. Ajay Singh actively
participated in the process of writing the National Telecom Policy as well as the Information
Technology Act. Singh was also instrumental in urging the government to lower the cost of
mobile telephone, which was another important role he performed. Singh was vital in the
revolutionization of the telecommunication and information technology sectors in India,
wherein he played a significant role as an adviser to the government.

4
https://www.livemint.com/Companies/t9wGYNXBYet9YoTWcZ8asI/Ajay-Singh-The-turnaround-man.html

4
 The Revival of SpiceJet
Profits have been inconsistent since Kalanithi Maran of the Chennai based Sun Group
acquired SpiceJet in 2010. That meant the airline required frequent cash prop-ups from
Maran, who has invested more than Rs 1,500 crore. He is the largest shareholder with a
58.46% stake, owing to these equity infusions. SpiceJet plodded along. Losses were
overlooked and cash infusions continued, grudgingly, because of a strong belief that the
airline would find an investor. Operational difficulties, legal disputes, non-payment of dues,
and challenges faced by the aviation industry were the reasons for the decline of SpiceJet.
Frequent offers increased its market share and cash flow temporarily but was not beneficial
in the long run. Poor Administration at top level, unavailability of funds, high loan repayment
charges, exorbitant ATF Charges and steep fuel cost were the primary reasons for the
downfall of SpiceJet.
SpiceJet's management was concerned about the airline's sustainability. However, in
January 2015, Ajay took charge once more by acquiring a 58% stake in the company and
resuming his role as CEO. Below initiatives were taken by Mr. Singh for revival of the
company:
Re-capitalization and Financial Stability: Ajay Singh's injection of capital into SpiceJet
represents a pivotal move aimed at bolstering the airline's financial health and ensuring its
operational stability. When a company like SpiceJet faces financial struggles, it often
encounters liquidity challenges, making it difficult to cover day-to-day expenses and meet
financial obligations such as paying salaries, servicing debts, and maintaining operational
efficiency.
By injecting capital, Ajay Singh essentially provided the company with a cash infusion,
enabling it to address immediate liquidity concerns. This influx of funds allowed SpiceJet to
continue its operations without interruption, thereby maintaining its service quality and
reliability for passengers. Additionally, it offered breathing room for the airline to implement
strategic measures aimed at long-term sustainability, such as investing in fleet
modernization, expanding routes, or negotiating better terms with suppliers.
Overall, this capital injection not only stabilized SpiceJet's current financial situation but also
positioned it more securely for future growth and resilience in a competitive airline industry.
Cost-Cutting Measures: Ajay Singh's implementation of rigorous cost-cutting measures at
SpiceJet reflects a strategic approach to enhance the airline's financial performance and
long-term viability. Renegotiating contracts with suppliers allowed SpiceJet to secure more
favourable terms, potentially lowering procurement costs for essential services and
materials. Optimizing routes involves analysing flight schedules and demand patterns to
streamline operations, reduce fuel consumption, and minimize overhead expenses
associated with underperforming routes.
Moreover, identifying and eliminating unnecessary expenses across various operational
areas contributed to leaner and more efficient processes within the airline. These efforts
collectively improved SpiceJet's cost structure, enabling it to operate more competitively in
the market while maintaining or enhancing profitability. By addressing cost inefficiencies
head-on, Ajay Singh demonstrated proactive management aimed at ensuring the airline's
sustainability and resilience in the face of industry challenges and economic uncertainties.

5
Fleet Rationalization: Ajay Singh's strategic decision to rationalize SpiceJet's fleet by
phasing out older, less fuel-efficient aircraft demonstrates a forward-thinking approach aimed
at enhancing the airline's operational and financial performance. By replacing older planes
with newer, more fuel-efficient models, SpiceJet not only reduced its carbon footprint but
also gained several operational advantages.
Firstly, modern aircraft typically require less maintenance compared to older models, leading
to reduced downtime and lower maintenance costs in the long run. Additionally, newer
planes often feature advanced technology and design improvements that enhance fuel
efficiency, thereby lowering fuel consumption and operating expenses per flight. Moreover, a
standardized fleet of modern aircraft simplifies training procedures for pilots and
maintenance crews, streamlining operations and improving overall efficiency. This
consistency in the fleet also enables better scheduling and maintenance planning, reducing
the risk of disruptions and delays.
Overall, fleet rationalization under Singh's leadership positions SpiceJet for improved
competitiveness and profitability in the dynamic aviation industry. By investing in a modern
and fuel-efficient fleet, the airline not only enhanced its operational capabilities but also
reinforced its commitment to sustainability and responsible business practices.
Focus on Ancillary Revenue: Ajay Singh's focus on ancillary revenue streams marks a
strategic shift for SpiceJet, recognizing the potential to generate additional income beyond
traditional ticket sales. Ancillary revenue sources, including onboard services, seat selection
fees, and ancillary products, offer airlines opportunities to enhance profitability and offset
operational costs. By emphasizing ancillary revenue, SpiceJet diversified its income
streams, reducing dependence on ticket sales alone. Onboard services such as in-flight
meals, entertainment, and Wi-Fi access provided passengers with enhanced experiences
while generating supplementary revenue for the airline. Additionally, seat selection fees
allowed passengers to choose preferred seating options, optimizing revenue per flight.
Moreover, ancillary products like travel insurance, excess baggage fees, and priority
boarding offered passengers convenience and flexibility, while contributing to SpiceJet's
bottom line. Singh's strategic focus on maximizing ancillary revenue opportunities aligns with
industry trends, where airlines increasingly rely on supplementary income to boost
profitability amidst competitive pressures.
Overall, by leveraging ancillary revenue streams, SpiceJet was able to improve its overall
financial performance, strengthen its market position, and enhance the value proposition for
passengers, ultimately driving sustainable growth in a dynamic aviation landscape.
Strategic Partnerships and Alliances: Ajay Singh's pursuit of strategic partnerships and
alliances represents a proactive approach to strengthening SpiceJet's market position and
broadening its reach within the aviation industry. By forging codeshare agreements with
other airlines, SpiceJet gained access to an extended network of routes and destinations,
allowing it to offer passengers a wider range of travel options and connectivity.

6
Collaborations with travel agencies enabled SpiceJet to tap into established distribution
channels, increasing visibility and attracting more passengers to its flights. Through these
partnerships, the airline leveraged the expertise and resources of travel agencies to promote
its services and drive passenger traffic. Furthermore, strategic alliances provided
opportunities for synergies and shared resources, allowing SpiceJet to optimize operational
efficiency and cost-effectiveness. By pooling resources with partner airlines, SpiceJet
benefited from economies of scale in areas such as fuel procurement, maintenance, and
marketing.
Overall, Singh's exploration of strategic partnerships and alliances aligns with SpiceJet's
growth objectives, facilitating network expansion and market penetration. These
collaborations enhanced the airline's competitiveness and value proposition, ultimately
contributing to its success and sustainability in the highly competitive aviation industry.
Customer Focus and Service Enhancement: Ajay Singh's commitment to enhancing the
customer experience underscores SpiceJet's dedication to meeting and exceeding
passenger expectations. By prioritizing customer satisfaction, the airline aimed to not only
attract new passengers but also foster loyalty and retention among its existing customer
base. Investing in training for staff enabled SpiceJet employees to deliver exceptional
service, ensuring that passengers feel valued and well-cared for throughout their journey.
Whether it's providing personalized assistance, resolving issues promptly, or offering a warm
and welcoming atmosphere, well-trained staff played a crucial role in shaping the overall
passenger experience.
Upgrading onboard services, such as improving in-flight amenities, meal options, and
entertainment offerings, enhanced the comfort and enjoyment of passengers during their
travels. These enhancements not only differentiated SpiceJet from competitors but also
contributed to positive word-of-mouth recommendations and repeat business. Furthermore,
by focusing on service quality across all touchpoints, SpiceJet demonstrated a commitment
to excellence that resonates with passengers and builds trust in the brand. This customer-
centric approach not only drove passenger satisfaction but also fostered long-term
relationships that are essential for sustainable growth in the competitive airline industry.
Overall, Singh's emphasis on customer focus and service enhancement reflected SpiceJet's
dedication to delivering memorable and rewarding travel experiences, ultimately contributing
to the airline's success and reputation in the market.

Ajay Singh's Leadership: Operational & Financial Effects

Two and a half years following its crisis when SpiceJet had to halt its operations due to an
inability to settle a fuel bill of $2.2 million, the budget carrier has remarkably turned its
fortunes around to become the top-performing airline stock globally. This transformation is
underscored by its ambitious acquisition of aircraft worth $26 billion.
Ajay Singh’s strategic overhaul has proven to be lucrative for investors. SpiceJet's shares
have outperformed all others on the Bloomberg Intelligence index of airline stocks for the
year. In 2017, the airline's stock soared by 124%, and since its precarious situation in
December 2014, it has impressively surged over 800%. This remarkable recovery has
elevated SpiceJet's market capitalisation to $1.2 billion.

7
(The Economic Times, 2017)

Passenger Traffic: There was steady passenger traffic from FY 2014 to FY 2016, with only
minor fluctuations of around 12-13 million passengers annually. However, from FY 2017
onwards, a significant increase occurred, peaking at 24.78 million in FY 2020, indicating
successful growth strategies.

(SpiceJet: Passenger Traffic 2014 to 2022, Statista 2023)

Ajay Singh's steps have positively impacted SpiceJet's passenger traffic by a 92.31%
increase from FY 2014 to FY 2020.

8
Aircraft fleet size: There was a significant drop in FY 2015, falling to 34 from 58 in FY 2014,
indicating possible downsizing or operational changes to save costs. However, the fleet size
peaked at 114 in FY 2020, indicating expansion, which could infer a strategic scale-up or
response to external factors like market demand or economic conditions.

(SpiceJet: Aircraft Fleet 2012 to 2022, Statista 2023)

The trend suggests Ajay Singh had an aggressive strategy to downsize and expand until FY
2020 due to optimisation and changes in SpiceJet.

9
Passenger Load Factor (PLF): PLF steadily increased from 72% in FY 2014 to 95% in FY
2020, indicating a growing efficiency in filling seats. The trend shows a high level of capacity
utilisation, especially in the years leading up to FY 2019.

(SpiceJet Ltd., 2023)

The overall trend suggests that SpiceJet has tried to increase the PLF, a positive indicator of
the company's operational efficiency and financial health.

10
Revenue of SpiceJet: A revenue increase from 63.04 billion Indian rupees in FY 2014 to
123.37 billion in FY 2020, demonstrating the effectiveness of Mr. Singh's strategic steps in
enhancing SpiceJet's financial performance despite some volatility.

(SpiceJet: Revenue From Operations 2014 to 2023, Statista 2024)

Ajay Singh's measures have led to a considerable improvement in revenue, underlining a

resilient and growing business, with the exception of a temporary setback during FY 2021.

11
EBITDA Margin: In early FY 2014, the EBITDA margin was negative at -12%, reflecting
financial struggles, and a turnaround began post-FY 2015, with the EBITDA margin showing
positive figures and reaching 13% in FY 2016, indicating robust financial health. However,
FY 2019 experienced a significant drop, with the EBITDA margin at 1%, revived later in FY
2020.

(EBITDA margin of SpiceJet from financial year 2014 to 2020, Statista 2022)

Under Ajay Singh’s leadership, SpiceJet's financial performance saw a noteworthy

improvement, overcoming initial losses and achieving substantial profits, albeit with some
fluctuations.

Net Debt of SpiceJet: The highest net debt is in FY 2014 at 17.14 billion Indian rupees,
indicating financial leverage. However, it dropped significantly to 10.88 billion by FY 2017.
Overall, the trend suggests a controlled reduction in net debt over these years, reflecting
prudent financial management and debt repayment strategies, a positive indicator of
financial stability and operational resilience.

12
(Net debt of SpiceJet from financial year 2014 to 2022, Statista, 2023)

Market Share: After a dip in FY 2015 to 9.7%, SpiceJet's market share recovered to 12% in
FY 2016. The airline increased to 13.2% in FY 2017, maintaining a similar level in FY 2018
with 13.1%. In FY 2020, the market share of SpiceJet peaked at 16.1%, followed by a
decline in years after, possibly due to market fluctuations or operational challenges.

(SpiceJet Ltd., 2023)

13
Between FY 2015 and FY 2018, SpiceJet’s consistent growth in market share points towards
successful strategic manoeuvres, enabling it to capture a more significant segment of the
aviation market.

Conclusion: Ajay Singh's Strategic Legacy

Ajay Singh's leadership style and actions at SpiceJet highlight a strategic focus on stabilizing
operations, enhancing customer experience, and exploring new revenue streams.
Recognized as the "Turnaround Man," Singh prioritized smoothing operational challenges,
which not only reduced costs but also signalled SpiceJet's commitment to its customers. His
customer-centric approach extended to introducing ancillary services like in-flight meals and
entertainment, fostering a sense of value among passengers. Singh also sought to improve
internal processes, forming strategic alliances with suppliers and investing in employee
training.
Under his guidance, SpiceJet witnessed significant improvements in key metrics such as
passenger traffic, load factor, and revenue, marking a successful revival in the airline
industry. However, some believe that there were missed opportunities, such as exploring
cargo operations and leveraging emerging technologies for operational enhancements.
Despite this, Singh's leadership has left an indelible mark on SpiceJet, characterized by bold
decisions, risk-taking, and a commitment to excellence in the airline industry. His legacy as a
pioneer in aviation leadership continues to shape the industry's trajectory in India.

14
 Bibliography

 Balachandran, M. (2022, August 4). Once The Turnaround Man, Ajay Singh May Now
Need An External Hand—and Capital—to Pull SpiceJet Out Of Turbulence. Forbes India.
Retrieved April 13, 2024, from https://www.forbesindia.com/article/take-one-big-story-of-
the-day/once-the-turnaround-man-ajay-singh-may-now-need-an-external-handand-
capitalto-pull-spicejet-out-of-turbulence/78717/1
 Balachandran, M. (2024, February 8). SpiceJet's Ajay Singh Wants To Bite Off More
Than He Can Chew. Can He Work It Out In The End? Forbes India. Retrieved April 13,
2024, from https://www.forbesindia.com/article/take-one-big-story-of-the-day/spicejets-
ajay-singh-wants-to-bite-off-more-than-he-can-chew-can-he-work-it-out-in-the-end/
91315/1
 EBITDA of SpiceJet Limited from financial year 2014 to 2022. (2023, February 13).
Statista. Retrieved April 11, 2024, from https://www.statista.com/statistics/1043436/india-
spicejet-ebitda/
 Economic Times. (2019, January 19). Spicejet's Ajay Singh to chair ATT Guv's summit
at WEF. Economic Times. Retrieved April 13, 2024, from
https://economictimes.indiatimes.com/news/company/corporate-trends/spicejets-ajay-
singh-to-chair-att-guvs-summit-at-wef/articleshow/67474981.cms
 The Economic Times. (2024, February 20). Why Ajay Singh of troubled SpiceJet seeks
redemption in bankrupt Go First. The Economic Times. Retrieved April 13, 2024, from
https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/why-ajay-
singh-of-troubled-spicejet-seeks-redemption-in-bankrupt-go-first/articleshow/
107852391.cms?from=mdr#
 Hindustan Times. (2016, February 22). Back to the basics: How Ajay Singh piloted
SpiceJet turnaround. Hindustan Times. Retrieved April 13, 2024, from
https://www.hindustantimes.com/business/back-to-the-basics-how-ajay-singh-piloted-
spicejet-turnaround/story-GzOj5wHtOtBVfyNnPoeqwJ_amp.html
 The Indian Express. (2017, September 22). Who is Ajay Singh? | Who Is News. The
Indian Express. Retrieved April 13, 2024, from
https://indianexpress.com/article/who-is/who-is-ajay-singh-spicejet-ndtv-prannoy-roy-
4855493/
 India TV News. (2017, December 28). Who is Ajay Singh: An accomplished
businessman and part of Team Modi's 2014 election war room. India TV News.
Retrieved April 13, 2024, from https://www.indiatvnews.com/news/india-who-is-ajay-
singh-an-accomplished-businessman-and-part-of-team-modi-s-2014-election-war-room-
402738
 Kaushik, M. (2015, August 30). How Chairman Ajay Singh is nursing SpiceJet back to
health. Business Today. Retrieved April 13, 2024, from
https://www.businesstoday.in/magazine/features/story/spicejet-ajay-singh-working-
tirelessly-for-airline-turnaround-52975-2015-08-18
 Kothari, M. (2023, July 13). Meet Ajay Singh, IIT Delhi alumnus, who infused Rs 500
crore in struggling airline. DNA India. Retrieved April 13, 2024, from
https://www.dnaindia.com/business/report-meet-ajay-singh-iit-delhi-alumnus-who-
infused-rs-500-crore-in-struggling-air-lines-success-story-spicejet-3051451
 Kotoky, A., & Chakraborty, S. (2017, June 27). SpiceJet's turnaround story: From forced
grounding to world's top airline stock in 2 years. The Economic Times. Retrieved April

15
 11, 2024, from https://economictimes.indiatimes.com/markets/stocks/news/spicejets-
turnaround-story-from-forced-grounding-to-worlds-top-airline-stock-in-2-years/
articleshow/59333064.cms
 Kundu, R. (2018, September 21). Ajay Singh: The turnaround man. Mint. Retrieved April
13, 2024, from https://www.livemint.com/Companies/t9wGYNXBYet9YoTWcZ8asI/Ajay-
Singh-The-turnaround-man.html
 MISHRA, M. (2016, February 25). The comeback act of SpiceJet founder Ajay Singh.
The Economic Times. Retrieved April 13, 2024, from
https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/the-
comeback-act-of-spicejet-founder-ajay-singh/articleshow/51131193.cms?from=mdr
 Money Control. (2024, April 10). SpiceJet Profit & Loss account, SpiceJet Financial
Statement & Accounts. SpiceJet Profit & Loss account, SpiceJet Financial Statement &
Accounts. Retrieved April 11, 2024, from
https://www.moneycontrol.com/financials/spicejet/profit-lossVI/SJ01/2#SJ01
 SpiceJet: aircraft fleet 2022. (2023, February 13). Statista. Retrieved April 11, 2024, from
https://www.statista.com/statistics/1043655/india-spicejet-aircraft-fleet/
 SpiceJet Ltd. (2023, March 30). Investors - Financial Information. SpiceJet. Retrieved
April 11, 2024, from https://corporate.spicejet.com/InvestorsFinancialInformation.aspx
 SpiceJet: passenger traffic 2022. (2023, February 13). Statista. Retrieved April 11, 2024,
from https://www.statista.com/statistics/1043477/india-spicejet-passenger-traffic/
 SpiceJet: revenue from operations 2023. (2024, March 28). Statista. Retrieved April 11,
2024, from https://www.statista.com/statistics/1043430/india-spicejet-net-revenue-from-
operations/
 Statista. (2022, March 22). EBITDA margin of SpiceJet from financial year 2014 to 2020.
Statista. Retrieved April 13, 2024, from https://www.statista.com/statistics/1043442/india-
spicejet-ebitda-margin/
 Statista. (2023, February 13). SpiceJet: Net Debt 2022. SpiceJet: Net Debt 2022.
Retrieved April 11, 2024, from https://www.statista.com/statistics/1043462/india-spicejet-
net-debt/
 Times of India. (2023, December 15). Akasa Air tops on-time performance airlines list for
November 2023; here's where Indigo, Air India, SpiceJet stand. Times of India. Retrieved
April 11, 2024, from http://timesofindia.indiatimes.com/articleshow/106016177.cms
 Total expenses of SpiceJet from financial year 2014 to 2022. (2023, February 13).
Statista. Retrieved April 11, 2024, from https://www.statista.com/statistics/1043670/india-
spicejet-total-expenses/
 Wikipedia. (2024, March 24). Ajay Singh (entrepreneur). Ajay Singh (entrepreneur).
Retrieved April 13, 2024, from https://en.m.wikipedia.org/wiki/Ajay_Singh_(entrepreneur)
 Prabhakar, B. (2015, January 4). What went wrong for SpiceJet at a time when it was
headed to recovery & will it survive? The Economic Times.
https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/what-
went-wrong-for-spicejet-at-a-time-when-it-was-headed-to-recovery-will-it-survive/
articleshow/45744390.cms?from=mdr
 SpiceJet | SeatMaestro. (2018, July 26). SeatMaestro.
https://www.seatmaestro.com/airlines-seating-maps/spicejet/history/

16
 Balachandran, M. (2022, August 4). Once the turnaround man, Ajay Singh may now
need an external hand—and capital—to pull SpiceJet out of turbulence.
Forbes India. https://www.forbesindia.com/article/take-one-big-story-of-the-day/
once-the-turnaround-man-ajay-singh-may-now-need-an-external-handand-capitalto-
pull-spicejet-out-of-turbulence/78717/1
 Balachandran, M. (2024, February 8). SpiceJet's Ajay Singh wants to bite off
more than he can chew. Can he work it out in the end? Forbes India.
https://www.forbesindia.com/article/take-one-big-story-of-the-day/spicejets-ajay-
singh-wants-to-bite-off-more-than-he-can-chew-can-he-work-it-out-in-the-end/
91315/1

17