(Image source from: Spicejet ready to Fly})

The Low Cost Carrier (LCC) is to get new breathe when the founder himself has decided to bail out the airlines. The troubles of ailing SpiceJet may finally be over. The airline’s co-founder Ajay Singh has signed an agreement with Sun Group Chairman Kalanithi Maran as well as KAL Airways, who control 53 percent stake in the airline to take over ownership and control of the low-cost carrier. Singh, is a businessman and is credited with coining Prime Minister Narendra Modi's winning campaign slogan, "acche din" (good days), so far owned about 5 percent in SpiceJet.

A clutch of investors led by Singh, who helped set up the low-cost airline in 2005, and investment bank JP Morgan are likely to inject around $250 million ( Rs.1,550 crore) in the ailing airline.

"The Board has directed the Company to take steps to implement and undertake all necessary steps including to make the appropriate application before the Ministry of Civil Aviation, Government of India for seeking approval of the ‘Scheme of Reconstruction and Revival for the takeover of ownership, management and control of SpiceJet Limited," SpiceJet said in a statement.

By Premji