SpiceJet CMD Ajay Singh gets the CAPA Chairman’s Order of Merit for Excellence
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 wasinitiated last year to recognise and bring attention to notable achievements byIndustry players.
“I am honoured to receive this award. This is a recognition ofSpiceJet’s spectacular comeback. This award belongs to each and everySpiceJetter who has worked with such passion and dedication in the last threeyears,” said Ajay Singh, CMD, SpiceJet.
Ajay Singh has scripted one of the most remarkable turnaround stories ofrecent 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 anew lease of life. From staring at an imminent closure to achieving 11 quartersof profit and a load factor of over 90% every month for 33 months in a row (aglobal aviation record), SpiceJet’s turnaround story under the leadership ofAjay Singh, has been one which probably has no parallel in the aviation worldtoday.
“SpiceJet has had a magnificent journey since Ajay Singh took over andrescued the airline from near closure, to a track record of 11 consecutivequarters of profitability,” said Peter Harbison, Executive Chairman,CAPA – Centre for Aviation.
“Not only has the operational performance improved significantly, butSpiceJet has maintained profitability through its operations and is poised forgrowth with more than 200 aircraft on order. The turnaround of SpiceJet has notonly been a great success story for the company, but it has improved confidencein the Indian industry overall,” Harbison added.
CAPA tracks the industry in India on a 24x7 basis right across the valuechain through their established consulting and research operations in theregion.