SpiceJet gears up for significant expansion with 75 new aircraft

25 Sep 2024 , 01:10 PM

SpiceJet’s development plans are set to take off, with the company aiming to add 75 aircraft over the next two years under a recently finalised Rs 3,000 crore QIP, according to CEO Ajay Singh who talked to ET Now.

Singh emphasised that the decision to boost this amount was motivated by the airline’s aggressive expansion strategy, which aims to grow its current fleet of 25-28 aircraft to more than 100 within two years.

“We opted to raise 3000 crores since we had received shareholder permission for that amount. “If we had needed to, we could have raised a much larger amount,” Singh explained. “But we think that this amount is sufficient to fund SpiceJet’s expansion plan, which is to go from the current level of 25, 27, 28 aircraft to in excess of 100 aircraft in two years.”

Furthermore, the airline intends to acquire 40 to 45 aircraft from the secondary market during the next few years, expanding its operational capacities.

SpiceJet now has approximately 30 grounded aircraft, which Singh hopes to be reactivated by the end of 2025.

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