SpiceJet to Raise $250M for Expansion

One of the prominent airlines, SpiceJet, plans to raise more funds. On June 5, 2024, SpiceJet Chief Ajay Singh announced that the airline plans to raise approximately USD 250 million in the coming months to enhance its operations. The budget carrier is navigating various challenges, including issues with lessors and debt, with Singh noting that the airline has encountered “significant black swan events.”

Speaking at the CAPA India Aviation Summit in New Delhi, he stated that the airline plans to raise USD 250 million in the next couple of months, and there is a bright enough future. He further added, “It is difficult to kill SpiceJet, and we are working to resolve the issues.” He emphasised that the airline’s balance sheet will be cleaned up over the next two quarters.

The Chairman and Managing Director of the airline, Ajay Singh said that they will grow their own fleet. He also highlighted the importance of establishing aviation hubs in India, stating that it is crucial to take every possible step to achieve this.

Recently, SpiceJet raised USD 150 million and is looking for more funds. Currently, the carrier has wet-leased some aircraft as many of its planes are grounded due to various reasons.

Meanwhile, there have been a few significant developments at the company. SpiceJet also started daily non-stop flights from Delhi to Phuket. They started flying to Phuket on May 31, 2024. They also upgraded their daily Delhi-Bangkok flight to a wide-body Airbus A340, replacing the narrow-body Boeing 737. The enhancement was to increase the seating capacity to 324 passengers per flight on the route, catering to the high demand during the holiday season. The upgraded service started on May 31 and will continue until June 20, 2024.

About SpiceJet Limited

SpiceJet is one of the prominent airlines in India. The company is an IATA-IOSA-certified airline and operates a Boeing 737s and Q-400s fleet. Most of its fleet features SpiceMax, providing the most spacious economy-class seating in India.

On June 6, 2024, the share price of SpiceJet Ltd opened at ₹54.90, touching the day’s high at ₹56.80, as of 9:32 AM on the BSE.

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