Low cost carrier Spicejet Ltd’s chief financial officer Parth Sarathi Basu has resigned from his post. Basu is tipped to join back Whirlpool India Ltd, which has appointed Sanjay Aggarwal as the new CEO. Before Spicejet, Basu was working with Whirlpool.
The exit comes as Spicejet has reported losses of Rs 197.54 crore for the quarter ended September 30, 2008, more than four times increase as compared to Rs 37.70 crore in same period last year. The losses have been attributed to increasing jet fuel costs. However the sales of the company have increased by 53% to Rs 340 crore for this quarter.
In August this year Spicejet raised private equity funding of $100 million from WL Ross and Co and Goldman Sachs Group.
Basu has also worked with Coca Cola India, BOSCH and Tata MAN GHH Ltd.