SpiceJet Resolves Major Financial Dispute, Secures 13 Q400 Aircraft

SpiceJet has settled a longstanding financial dispute with Export Development Canada for $22.5 million. The resolution allows the airline to take full ownership of 13 Q400 aircraft, significantly saving operational costs. This development comes after SpiceJet recently raised Rs 3,000 crore, aiming to strengthen its financial position.

SpiceJet, the cost-conscious airline, has resolved a substantial $90.8 million dispute with Export Development Canada (EDC), settling for a payment of $22.5 million. This agreement allows SpiceJet to assume ownership of 13 Q400 airplanes, contributing to a $68.3 million cost-saving move.

Having recently raised Rs 3,000 crore in a bid to stabilize its operations, SpiceJet's decision to autonomously own the EDC-financed aircraft is strategically aligned with reducing operating expenses. This acquisition reinforces its operational capabilities and prospects in the competitive aviation industry.

Ajay Singh, SpiceJet's Chairman and Managing Director, expressed optimism over the strengthened balance sheet, confirming efforts to expedite the reintegration of the Q400 aircraft into active service. While operational fleet specifics remain undisclosed, this resolution marks a pivotal step forward for the embattled carrier.

(With inputs from agencies.)