SpiceJet Aims to Raise $250 Million

5 Jun 2024 , 02:12 PM

On June 5, Chairman Ajay Singh stated that by August, SpiceJet hopes to raise an additional $250 million and intends to lease more planes to expand its capacity.

The airline intends to “clean up its balance sheets” during the following two quarters, Singh continued.

SpiceJet’s Ajay Singh expressed his expectation that the upcoming administration ‘would not be as bureaucratic, and will allow expansion of the aviation industry’ in response to the NDA bloc’s subdued electoral mandate in comparison to 2019.

Singh continued, “Governments cannot tax India’s aviation as a rich man’s product and expect lower airfares” for the average citizen. Singh stated that the incoming Indian government must guarantee the necessity of aviation hubs in India.

Singh stated that there appears to be strong competition in the domestic aviation sector at the present and that airlines are now more concerned with profitability than market share. At CAPA India’s Aviation Summit 2024, Singh stated that yields in Indian aviation are at an all-time high right now and are not expected to decline in FY25.

“It’s time to grow again; it’s very difficult to kill SpiceJet,” Singh said to attendees of the aviation conference.

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