Gurugram, October 8, 2024 – SpiceJet is gearing up for a significant fleet expansion. They plan to induct ten aircraft by the end of November. The airline’s fleet growth includes the acquisition of seven planes on lease and the reintroduction of three previously grounded aircraft. Two of these new planes are scheduled for immediate induction on October 10.
The airline has already secured agreements for the leased planes, and full induction is expected by November 15. Meanwhile, the grounded aircraft will be phased back into service, with all ten planes operational by the end of November.
This expansion follows SpiceJet’s successful Qualified Institutional Placement (QIP), which raised INR 3,000 crore. The QIP attracted several top-tier investors, including Goldman Sachs, Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd. Additionally, SpiceJet is set to receive INR 736 crore from a previous funding round, further solidifying its financial position.
Ajay Singh, SpiceJet’s Chairman and Managing Director, expressed confidence in the airline’s future. “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,” Singh stated.
The capital infusion will help SpiceJet unground its existing planes, invest in new aircraft, and expand its market presence. It also comes after resolving a dispute with Engine Lease Finance Corporation (ELFC) for an undisclosed amount. This resolution marks another milestone in the airline’s journey to financial stability.
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