SpiceJet adds 10 aircraft to fleet ahead of busy summer schedule

Low-cost carrier SpiceJet has finalised lease agreements for 10 aircraft to ensure seamless travel during the upcoming summer season

SpiceJet has finalised lease agreements for ten aircraft to bolster its capacity ahead of the upcoming summer schedule. This move is to ensure seamless connectivity and improved services provided to travellers during this peak travel season, the company said in an exchange filing on Thursday. Earlier, the airline had also announced a new direct route between Hyderabad and Ayodhya, which is set to be operational from April 2 onwards and will run thrice a week.

Recent settlement agreements have also bolstered SpiceJet's fleet capabilities, with the airline receiving three airframes. These agreements with key aircraft lessors have translated into significant savings of Rs 685 crore for the low-cost airlines.

On March 7, SpiceJet announced the successful resolution of a $49.8 million (Rs 413 crore) dispute with Echelon Ireland Madison One Ltd, resulting in savings of $48 million (Rs 398 crore) and the acquisition of two airframes. Additionally, SpiceJet resolved an $11.2 million (Rs 93 crore) dispute with aircraft leasing firm Cross Ocean Partners, leading to the transfer of an airframe and an engine to the airline.

Furthermore, SpiceJet and Celestial Aviation, a subsidiary of AerCap, reached a mutual settlement for their $29.9 million (Rs 250 crore) dispute, resulting in savings of Rs 235 crore for SpiceJet.

Recently, several members of SpiceJet's commercial team resigned from their positions in what the airline dubbed a "strategic restructuring." A SpiceJet spokesperson stated that the airline was working tirelessly to speed up the resolution processes of all its past disputes and has seen significant growth in its revenue and growth factor.

SpiceJet shares were trading at Rs 53.48 on the BSE at 11 am.