SpiceJet appoints Ashish Kumar as new CFO

Low-cost airline SpiceJet today announced that Ashish Kumar will be the new CFO of the company. Kumar worked as Vice President and head of corporate finance at Interglobe Enterprise, the company which owns around 37 percent stake in rival carrier IndiGo.

Prior to that, Ashish was Head of Finance at Tata Value Homes and Suzlon Infrastructure

The company had announced the resignation of former CFO Sanjeev Taneja last week.


“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.

SpiceJet is in urgent need of recapitalisation reporting losses of Rs 316 crore, Rs 934 crore, Rs 998 crore, and Rs 1,725 crore in FY19, FY20, FY21 and FY22, respectively.

The airline is looking to raise funds of up to 200 million USD through equity dilution, debt equity restructuring and from the government's ECLGS scheme which provides collateral-free and government-guaranteed loans to businesses affected by the coronavirus pandemic.