SpiceJet To Acquire Seven Aircraft On Lease By November-End, Unground Three
SpiceJet Ltd. is set to acquire seven aircraft on lease by the end of November. The low-budget carrier also plans to unground three previously grounded planes to increase the fleet by 10 planes.
In a bid to bolster its fleet, the airline has already signed lease agreements for all seven planes and plans to induct the entire leased fleet by Nov. 15. The two planes arriving in India on Oct. 10 will be inducted immediately to meet rising travel demand, as per a press release. The remaining grounded aircraft will re-enter service in phases before the end of November.
This fleet growth comes on the back of SpiceJet's successful Qualified Institutional Placement, which resulted in a fundraise of Rs 3,000 crore. The QIP attracted key institutional investors, including Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd. In addition to the QIP, the airline is poised to receive Rs 736 crore from a previous funding round.
"This addition is crucial as we continue to meet the growing demand for air travel, while strengthening our operational capabilities. With the capital raised, SpiceJet is well-positioned to offer improved services and an expanded route network," said Ajay Singh, chairman and managing director of SpiceJet.
The fresh capital infusion will play a pivotal role in ungrounding the airline's existing aircraft, acquiring new planes, upgrading technology, and expanding into new markets, the company said. SpiceJet aims to enhance its operational efficiency and reliability, ensuring passengers benefit from improved connectivity and a broader range of travel options.
Recently, SpiceJet also resolved a dispute with Engine Lease Finance Corp., which had previously claimed $16.7 million. The settlement, reached for an undisclosed amount, marks a significant step toward strengthening the airline's financial health.
SpiceJet's share price rose over 9% to Rs 62.75 apiece on BSE after the announcement of the fleet expansion by the airline, before paring gains to trade 8.3% higher at Rs 62.34 per share, compared to a 0.58% rise in the BSE Sensex as of 11:43 a.m.
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