SpiceJet is looking to strengthen its fleet capabilities as it finalized lease agreements for 10 aircraft to boost its capacity ahead of the summer rush. The news saw shares of the low-cost airline surge in the stock market.
SpiceJet also said it received three airframes as part of recent settlement agreements, further strengthening its fleet capabilities. These settlements with key aircraft lessors have also resulted in savings of Rs 685 crore for the airline.
“This move underscores SpiceJet’s commitment to providing seamless connectivity and enhanced services to its passengers during peak travel seasons. The additional aircraft will enable the airline to meet the growing demand for air travel, particularly during the busy summer months,” the airline said in a statement on March 14.
It noted that on March 7, the airline announced the successful resolution of a $49.8 million (Rs 413 crore) dispute with Echelon Ireland Madison One. The settlement resulted in savings of $48 million (Rs 398 crore) for SpiceJet and the acquisition of two airframes, the firm said.
Additionally, the airline resolved an $11.2 million (Rs 93 crore) dispute with aircraft leasing firm Cross Ocean Partners, resulting in the transfer of an airframe and an engine to the airline.
Moreover, SpiceJet and Celestial Aviation, a subsidiary of AerCap, mutually settled their $29.9 million (Rs 250 crore) dispute, resulting in a saving of Rs 235 crore for the airline.
The airline remains committed to serving the Indian aviation sector and aims to sustain its growth while providing value and convenience to passengers nationwide.
