SpiceJet shares rallied in early trade on March 14, the day the airline announced it had finalised lease agreements for 10 aircraft to augment capacity to prepare for the upcoming summer schedule.
“This move underscores SpiceJet's commitment to providing seamless connectivity and enhanced services to its passengers during peak travel seasons. The additional aircraft will enable the airline to meet the growing demand for air travel, particularly during the busy summer months,” the airline said in an exchange filing.
The airline added that
SpiceJet had received three airframes as part of recent settlement agreements, further strengthening its fleet capabilities. These settlements with key aircraft lessors have also resulted in savings of ₹685 crore.
It also noted that on March 7, the airline announced the successful resolution of a $49.8 million (₹413 crore) dispute with Echelon Ireland Madison One. The settlement resulted in savings of $48 million (₹398 crore) for SpiceJet and the acquisition of two airframes, the firm said.
Additionally, the
airline resolved an $11.2 million (₹93 crore) dispute with aircraft leasing firm Cross Ocean Partners, resulting in the transfer of an airframe and an engine to the airline. Moreover, SpiceJet and Celestial Aviation, a subsidiary of AerCap, mutually settled their $29.9 million (₹250 crore) dispute, resulting in a saving of ₹235 crore for the airline.
SpiceJet shares traded 5% higher at ₹52.92 on BSE at 11:10 am.
