Business Power Couple Harihara & Preeti Mahapatra Set to Invest ₹1,100 Crore in SpiceJet

Businessman Harihara Mahapatra and his wife Preeti Mahapatra are gearing up to invest a substantial ₹1,100 crore in SpiceJet, securing a 19% stake in the airline, according to recent media reports.

As per a detailed funding proposal reviewed by the Economic Times, Aries Opportunities Fund is set to hold 3%, while Elara Capital will acquire an 8% stake as part of this investment.

SpiceJet had recently disclosed plans for a capital infusion of over ₹2,000 crore, involving 130 million convertible warrants and 320.8 million fresh equity shares. This move is anticipated to diminish the current shareholding of promoter Ajay Singh from 56.49% to at least 38.55%, as reported by ET.

In a related development, SpiceJet has expressed interest in acquiring Go First and intends to submit an offer following a comprehensive due diligence process on the financially troubled carrier.

A closer look at the dynamic duo behind the investment:

Harihara Mahapatra:

Harihara Mahapatra, along with his wife, is a key figure in Mahapatra Universal Limited, a Mumbai-based conglomerate engaged in diverse sectors including real estate, infrastructure, consulting, and consumer retail.

Possessing an MBA degree, Harihara brings over 16 years of entrepreneurial experience in international, multi-cultural environments. Noteworthy achievements include leading investments across various sectors, although an ambitious plan to construct the country’s tallest building in Khajod, Gujarat, faced setbacks.

Preeti Mahapatra:

Preeti Mahapatra, equipped with a master’s degree in International Business (Finance) and Export Management, has made a mark in the business world by successfully launching international brands in European, Asian, and Middle Eastern markets.

In addition to her corporate endeavors, Preeti is actively involved in philanthropy, running a non-profit organization. In 2016, she entered the political arena by contesting the Rajya Sabha election from Uttar Pradesh on a BJP ticket, although she faced defeat in the polls.

The Mahapatras' strategic investment in SpiceJet is expected to bring significant changes to the airline's ownership landscape, marking a pivotal moment for both the aviation industry and the dynamic duo's diverse business portfolio.