Economy

SpiceJet's Ajay Singh may take control of NDTV

SpiceJet's Ajay Singh may take control of NDTV”

SpiceJet's chairman and managing director Ajay Singh is all set to buy a controlling stake in media company NDTV for a total consideration of Rs 600 crore, according to a report in The Indian Express citing a source.

The newspaper quoted unnamed sources as saying that Singh will have a controlling stake in NDTV of about 40%, and its promoters Prannoy Roy and his wife Radhika will hold some 20% in the company.

As per data available with BSE, the promoter holding in NDTV stood at 61.45% as of June 2017 while public shareholding in the company is at 38.55%. The Indian Express today reported that SpiceJet owner Ajay Singh has picked up majority holding in NDTV.

The CBI had in June conducted searches at the residences of the Roys.

For the quarter ended June 30, 2017, NDTV reported a net loss of Rs 22.01 crore against net loss of Rs 44.55 crore in the corresponding quarter past year. "This is a blatant political attack on the freedom of the press, as sources confirm that under pressure, the CBI has been compelled to file an FIR based on a shoddy complaint by a disgruntled former consultant at NDTV called Sanjay Dutt, who has been making false allegations and filing cases in courts of law with these false allegations". In 2005, Singh acquired and rebranded ModiLuft along with Bhupendra Kansagra.

Singh had played an important part in the Bharatiya Janata Party's 2014 poll campaign, and also coined the campaign slogan "abki baar Modi sarkar". DTC's fleet rose from 300 to 6,000 within two and a half years while he was at the helm.

An alumnus of Delhi's St. Columba's school, Singh is a graduate of IIT Delhi, an MBA from Cornell University and a Bachelor's degree in Law (LLB) from Law Faculty, University of Delhi.



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