India’s SpiceJet aims to expand its fleet to 100 aircraft by the end of 2026, following a successful INR30 billion capital raising that was oversubscribed, indicating strong investor confidence.
Managing Director Ajay Singh attributed previous operational challenges to the grounding of Boeing 737 MAX aircraft and the Covid pandemic, but assured that the airline has the necessary infrastructure to support the growth.
The airline’s inactive fleet has increased to 40 aircraft, with only 16 of its 56 operational; Singh plans to have 40 aircraft flying by March 2025 and an additional 40 within a year, which may include short-term lease agreements.
SpiceJet is facing financial difficulties as another creditor has filed an insolvency petition against the airline, joining several others in an attempt to have it declared insolvent due to outstanding debts.
County Clare based Shannon Engine Support is moang the companies trying to have SpiceJet declared insolvent alongside Aircastle, Raymach Technologies, Engine Lease Finance, Alterna Aircraft, and a trio of DAE Capital special purpose vehicles.
