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 24×7 basis right across the value chain through their established consulting and research operations in the region.