Flydubai CFO to head India's SpiceJet

08 July 2010

Dubai’s Istithmar sold its stake in SpiceJet earlier in July

The chief financial officer of budget carrier Flydubai has joined Indian low-cost airline SpiceJet.

Neil Mills will take up his new position as chief executive of SpiceJet in October.

SpiceJet’s current chief executive is Sanjay Aggarwal who resigned from his position after Kalanithi Maran the founder of India’s Sun TV Network agreed to buy a 37.7 per cent stake in the airline.

Maran and his aviation company Kal Airways also plans to buy 20 per cent more in SpiceJet.

Maran may decide to change the name of the airline once the acquisition is complete.

On 6 July, Dubai-based investment firm Istithmar sold its 6.9 per cent stake in SpiceJet for $25.3m.

Istithmar acquired a 70 per cent stake in the airline in 2006 (MEED 5:6:06).

Istithmar could not be reached for comment.

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