On Thursday, March 7, aviation company SpiceJet announced that it has successfully resolved a $49.8 million or ₹413 crore dispute with Echelon Ireland Madison One Ltd. The beleaguered airline said that the settlement will result in savings of $48 million or ₹398 crore for SpiceJet.
As part of the agreement, SpiceJet will also acquire two airframes, enhancing the airline's fleet and operational capabilities.
The shares of the company rose over 5% after the announcement.
This is the third major resolution for SpiceJet following its recent fundraising. The company said that these successful settlements have led to total savings of ₹685 crore for the airline.
On February 28, SpiceJet announced that it had mutually settled its $29.9 million or ₹250 crore dispute with Celestial Aviation which had resulted in savings of ₹235 crore. On March 5, the aviation company announced a settlement of $11.2 million or ₹93 crore with aircraft leasing firm, Cross Ocean Partners.
In a statement, Ajay Singh, Chairman and Managing Director of SpiceJet said, “This settlement not only underscores our commitment to financial prudence but also enables us to further fortify our fleet with the acquisition of two airframes.”
First Published: Mar 7, 2024 12:07 PM IST
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