SpiceJet CEO Ajay Singh, while speaking at the CAPA India Aviation Summit in Delhi, revealed that the airline is planning to raise $250 million in the coming few months as it looks to boost its operations. Singh further said that the airline has faced “significant black swan events” in the market.
Singh said, “It is difficult to kill SpiceJet….and we are trying to fix the problems,” and asserted that a clean-up of the airline’s balance sheet will be done over the next two quarters.
Recently, the airline raised $150 million. At present, the carrier has wet leased some aircraft due to the grounding of many of its planes for various reasons. “We will grow our own fleet,” said Singh. He also emphasised the importance of establishing aviation hubs in India, stating, “We need to take every possible step” to achieve this.
Recently SpiceJet has made multiple deals which have saved a lot of money. For instance, in April, in an agreement with Nordic Aviation Capital (NAC), SpiceJet made a deal of six Q400 planes which saved money because they don’t have to pay monthly rent for these planes anymore.
Additionally, one of these deals was with Export Development Canada (EDC), through which SpiceJet secured full ownership of 13 Q400 planes financed by EDC. This transaction saved SpiceJet approximately $91 million, equivalent to about Rs 567 crore.
(With PTI inputs)