Spicejet announced that it has received the approval of the competent authority, the ministry of civil aviation, government of India for the 'Scheme of Reconstruction and Revival for the takeover of ownership, management and control of SpiceJet' by Ajay Singh in accordance with the application made by the company.

Spicejet is a low-fare airline in India. The company owns and operates 11 new-generation Boeing 737-800 aircraft covering 14 destinations and operating 83 flights daily.

Shares of the company gained Rs 0.25, or 1.13%, to trade at  Rs 22.35 at the BSE (10.51 a.m., Friday).