The comeback kid of the airline industry, India’s SpiceJet soars high with eight consecutive profitable quarters and solid credibility with partners and the traveling public alike.
India’s fourth largest airline with a 13% market share, SpiceJet traces its corporate origins to an air taxi service established in 1984. Since that time, SpiceJet in its different iterations has established a formidable reputation as a prize fighter. The company manages to obtain a 93% load factor with only one in a thousand flights suffering a cancellation.
SpiceJet was an early adaptor of the online marketing model, using multiple channels to reach travellers. The airline has implemented a regional connectivity scheme and works with governments to improve the country’s airport infrastructure. Though India boasts around 400 airports, only 75 are in regular use. The airline is poised for rapid expansion after it signed a megadeal with Boeing for up to two hundred 737 MAX 8 aircraft.
With a buoyant economy offering plenty room for growth, SpiceJet expects to reach around thirty million travellers about to enter the jet age. To ensure optimum performance and maximise exposure to the industry’s upside, SpiceJet has implemented a corporate governance framework modelled on global best practices.
The CFI.co judging panel agrees that SpiceJet is uniquely positioned for maximum exposure to the upside of India’s airline industry. In recognition of the company’s achievements, the judges are pleased to offer SpiceJet the 2017 Best Corporate Governance India Award.