SpiceJet Expands Fleet with Leased Aircraft Boost

SpiceJet (SG, Delhi International) is set to expand its fleet by inducting seven leased aircraft and reactivating three grounded planes by November 2024, according to a Bombay Stock Exchange (BSE) filing. The airline has signed agreements for the new leases, with full induction expected by November 15.

Two Boeing 737-800 aircraft, identified as 9H-TJC and 9H-CXA, have already arrived in India from Corendon Airlines Europe and began operations for SpiceJet on October 10. These additions are crucial as SpiceJet continues to meet rising air travel demand while strengthening its operational capabilities.

In addition to the new leases, SpiceJet plans to bring three grounded aircraft back into service before the end of November, with the rest of the fleet being reactivated in phases.

SpiceJet has also resolved a major lease dispute with lessors Horizon Aviation 1 Ltd., Horizon II Aviation 3 Ltd., and Horizon III Aviation 2 Ltd. This dispute, valued at USD131.85 million, was settled for a payment of USD22.5 million. The airline’s recent capital raise of INR30 billion (USD357.4 million) will fund these settlements and support the reactivation of grounded planes.

SpiceJet’s managing director, Ajay Singh, emphasized that these developments position the airline for future growth. “This settlement allows us to reduce liabilities and focus on expanding our fleet and services,” Singh said.

Despite these strides, SpiceJet faces ongoing legal challenges. Aviator ML 29641 Limited has filed an insolvency petition with India’s National Company Law Tribunal over a leasing dispute concerning one of SpiceJet’s Boeing 737-800 aircraft. Nonetheless, SpiceJet plans to expand its fleet to 100 aircraft by 2026.

Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com