SpiceJet to expand fleet after regaining consumer confidence

Budget carrier SpiceJet is looking to expand its fleet after giving immediate attention to regaining consumer confidence, co-promoter and chairman Ajay Singh has said.

"Under a detailed plan to bolster its fortunes, SpiceJet's immediate priority is to further regain consumer confidence before embarking on fleet expansion," Ajay Singh said at an event here on Saturday to mark the airline's 10th anniversary.

"SpiceJet is on a highly visible upswing again. Funding requirement depends on how much the company needs. We are looking at expanding the fleet," he said.

Ajay Singh, who said he has so far invested about Rs.800 crore in SpiceJet, had reassumed the reins as chairman and managing director last December after the company was hit by a major crisis.

"We were at a phase where the airline was actually shut down. The focus is now on getting back consumer confidence and we will work on that for a few more months," he said.

"Some investors are interested in the airline. We continue to look at options (for investment)," he added.

After seven straight quarters of losses, SpiceJet posted a net profit of Rs.22.51 crore in the first quarter ending March helped by renegotiated contracts and settlements, as well as by provisioning for re-delivery expenses.

The airline had reported a net loss of Rs.321.5 crore in the same period of the previous fiscal.