SpiceJet promoter Ajay Singh gets security clearance

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New Delhi, Mar 19: SpiceJet's new promotor Ajay Singh has got the mandatory security clearance from the Home Ministry. Civil Aviation Ministry has received the files relating to Singh's security clearance from the Ministry of Home Affairs (MHA) yesterday, official sources said on Thursday.

Security agencies had conducted a background check of Singh, as part of standard protocol of verifying antecedents of a potential investor, sources of funds and whether the promoter has any links with any unlawful activities or criminal gangs, they said.

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"Background checks are standard drill which we have to carry on if any investor infuses funds into any Indian company. If nothing adverse comes out, we give them security clearance," a Home Ministry official had said after receiving the request from the Civil Aviation Ministry in this regard.

Singh became the new owner of SpiceJet after the erstwhile promoter Marans family exit the airline by transferring their entire holding to the new promoter Ajay Singh, as part of the airline's revival plan.

Also, Singh had committed an investment of Rs 1500 crore in the carrier as part of the plan. So far, he has infused Rs 500 crore in the airline out of the total Rs 1,500 crore and expect to infuse rest Rs 1,000 crore in two tranches by this month and next month.

PTI

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