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SpiceJet’s Ajay Singh set to take control of NDTV
Ajay Singh, the co-founder and owner of inexpensive airline SpiceJet and who coined the Bharatiya Janata Party’s 2014 election campaign slogan Ab ki Baar Modi Sarkar, has picked up most holding in news channel. NDTV,The newspaper quoted unnamed sources as saying that Ajay Singh will have a ruling stake in NDTV of about 40%, and its promoters Prannoy Roy and his wife Radhika will hold some 20% in the company.
SpiceJet’s Ajay Singh set to take control of NDTV, total deal value seen Rs 600 cr
According to the source, Ajay Singh who acquired SpiceJet in January 2015 and turned it around, will also pick up NDTV’s debt of more than Rs 400 crore. The total deal is valued at about Rs 600 crore. A part of the cash up to Rs 100 crore will go to the Roys, Yes, the deal has been finalised and Ajay Singh will take control of NDTV along with editorial rights,” the source mentioned above was quoted as saying.
A SpiceJet official told That the news was “exactly false and baseless”. The newspaper said NDTV did not respond to its request for comment. The BSE(Bombay Stock Exchange) data showed the promoter holding in NDTV as of June 2017 stood at 61.45% and the public shareholding was at 38.55%.
The Roys and the channel’s promoter firm RRPR Holding Pvt Ltd are facing a CBI(Central Bureau of Investigation) investigation for allegedly concealing a share transaction. In June, the CBI raided the offices and homes of NDTV founder Prannoy Roy over accusation of defrauding a bank, a move the news broadcaster denounced as a “witch-hunt” to muzzle free speech.
All you want to know about SpiceJet’s chief Ajay Singh :
—Ajay Singh came back into the picture in 2015, When he Bought Maran’s majority shares.
–In order to renovate the company, SpiceJet’s board appointed Singh and his wife Shiwani Singh as directors of the company. Ajay Singh also took over as chairman and managing director.
–Interestingly, Ajay Singh is also the man behind the slogan “Abki Baar Modi Sarkar” which was used by the Bharatiya Janata Party in its 2014 Lok Sabha election campaign. Ajay Singh later said he never expected it to find so much response with the nation.
—Ajay singh was also a part of BJP’s core campaign team and has also served as an OSD (officer on special duty) in the NDA government. He was OSD for the Information and Broadcasting, and Telecom and IT ministries. Singh had also helped in launching DD Sports.