SpiceJet Expands Fleet

8 Oct 2024 , 02:28 PM

By the end of November, SpiceJet plans to add ten more aircraft to its fleet. This follows the airline’s Rs 3,000 crore QIP fundraising last month.

A wide spectrum of institutional investors and funds, such as Tata Mutual Fund, Goldman Sachs (Singapore), Morgan Stanley Asia, and Discovery Global Opportunity Ltd., were drawn to the QIP.

According to SpiceJet, the newly generated funds would be crucial for ungrounding its current fleet, buying new aircraft, making technological investments, and entering new markets.

Three SpiceJet aircraft that were previously grounded are being brought back into service, and seven of these aircraft will be leased.

The airline has already executed contracts for the leased aircraft, and by November 15th, all seven planes should be fully operational. Two of these leased aircraft are due for immediate introduction; they have already arrived in India. Additionally, SpiceJet plans to phase-in the operationalization of its grounded aircraft; the first three are scheduled to return to service by the end of November.

“This addition is crucial as we continue to meet the growing demand for air travel while strengthening our operational capabilities. SpiceJet is in a good position to provide enhanced services and a wider network of routes thanks to the funds raised. Ajay Singh, Chairman and Managing Director of SpiceJet, stated to ET, “We are excited about the future for the airline and our passengers. We are committed to delivering seamless, reliable, and affordable travel.”

For feedback and suggestions, write to us at [e-mail]