SpiceJet is looking to raise funds from external parties, other airlines: CMD

The airline is considering several ways to raise funds, including through the government’s emergency line of credit guarantee program and the sale and leaseback of its aircraft.

The airline is considering several ways to raise funds, including through the government’s emergency line of credit guarantee program and the sale and leaseback of its aircraft.

SpiceJet is exploring various options to raise funds from external parties, “including airlines”, CMD Ajay Singh said on Tuesday.

“We will do everything to ensure that SpiceJet remains a strong and vibrant player as it has been for the past 17 years,” Mr Singh said.

“We are exploring all options for investment from outside parties, including airlines,” he told media on the sidelines of an event here. He said the airline’s board had recently passed a shareholders’ resolution to raise up to ₹2,000 crore.

Last month, the DGCA cut the airline’s flight schedule to half of those approved following concerns over safety standards and a lack of funds to pay for spare parts and carry out maintenance work on the aircraft. planes. The airline is considering several ways to raise funds, including through the government’s emergency line of credit guarantee program and the sale and leaseback of its aircraft.

SpiceJet plans to add seven Boeing 737 MAX 8s to its fleet by December, the delivery of which has been delayed due to payment issues. Airline sources said that although there are more than 70 planes in its fleet, only 50 are operating at the moment due to inability to pay for the maintenance of all planes and save money.

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