Low-cost carrier SpiceJet has appointed Ashish Kumar as its new chief financial officer (CFO). At Interglobe Enterprise, the business that has a roughly 37 percent share in the competitor airline IndiGo, Kumar served as vice president and head of corporate finance.
Prior to that, Ashish served as Head of Finance at Suzlon Infrastructure and Tata Value Homes.
Last Monday, the business announced the departure of its CFO Sanjeev Taneja.
“Restructuring SpiceJet and putting it back on a path of rapid growth is the best job in the aviation industry today. Ashish’s experience and proven track record will ensure that he can successfully lead this effort,” chairman and promoter Ajay Singh said.
With losses of Rs 316 crore, Rs 934 crore, Rs 998 crore, and Rs 1,725 crore in FY19, FY20, FY21, and FY22, respectively, SpiceJet urgently needs recapitalization.
Through share dilution, debt equity restructuring, and the government’s ECLGS program, which offers collateral-free and government-guaranteed loans to businesses afflicted by the coronavirus epidemic, the airline is hoping to raise up to $200 million USD.