SpiceJet Secures Q400 Aircraft in NAC Settlement
AVIATION & AIRPORTS

SpiceJet Secures Q400 Aircraft in NAC Settlement

SpiceJet, one of India's leading private airlines, is poised to bolster its fleet with the acquisition of a Q400 aircraft from Nordic Aviation Capital (NAC), marking another milestone in its recent streak of settlement agreements with aircraft lessors. The agreement, inked last year, not only resolves all previous liabilities but also grants SpiceJet complete ownership of six Q400s, further solidifying its operational independence.

The impending arrival of the Q400 aircraft, just ahead of the summer schedule, a peak travel period, underscores SpiceJet's commitment to enhancing its fleet capacity to meet rising demand. With this acquisition, SpiceJet's fleet will now encompass a total of eleven Q400 aircraft, with ownership fully transferred from NAC to the airline.

The significance of this agreement extends beyond mere fleet expansion; it heralds substantial long-term savings for SpiceJet. The company's statement highlights the liberation from monthly rentals for the Q400s, further fortifying its financial position amidst a competitive market landscape.

Following the announcement, SpiceJet's shares surged, reflecting investor confidence in the airline's strategic moves. On the Bombay Stock Exchange (BSE), SpiceJet's shares experienced a notable uptick, rising by 2.7% to reach 63.19 rupees apiece.

This latest development adds to SpiceJet's recent spree of settlements with prominent aircraft lessors, illustrating its proactive approach to resolving disputes and optimizing its operational efficiency. In March alone, SpiceJet finalized agreements with Export Development Canada (EDC), Echelon Ireland Madison One, Cross Ocean Partners, and Celestial Aviation, collectively amounting to significant savings of Rs 1,252 crore.

The settlement agreement with EDC, resolving liabilities worth Rs 755 crore, stands out as a major milestone, facilitating savings of Rs 567 crore for SpiceJet and the acquisition of 13 EDC-financed A400 aircraft. Additionally, settlements with other lessors, including Echelon Ireland Madison One, Cross Ocean Partners, and Celestial Aviation, further underscore SpiceJet's commitment to amicable resolutions and operational enhancements.

SpiceJet's proactive approach to settling disputes and optimizing its fleet underscores its resilience and strategic vision amidst a dynamic aviation landscape. As the airline continues to expand its operational footprint and fortify its financial position, stakeholders remain optimistic about its trajectory in the competitive aviation market.

SpiceJet, one of India's leading private airlines, is poised to bolster its fleet with the acquisition of a Q400 aircraft from Nordic Aviation Capital (NAC), marking another milestone in its recent streak of settlement agreements with aircraft lessors. The agreement, inked last year, not only resolves all previous liabilities but also grants SpiceJet complete ownership of six Q400s, further solidifying its operational independence. The impending arrival of the Q400 aircraft, just ahead of the summer schedule, a peak travel period, underscores SpiceJet's commitment to enhancing its fleet capacity to meet rising demand. With this acquisition, SpiceJet's fleet will now encompass a total of eleven Q400 aircraft, with ownership fully transferred from NAC to the airline. The significance of this agreement extends beyond mere fleet expansion; it heralds substantial long-term savings for SpiceJet. The company's statement highlights the liberation from monthly rentals for the Q400s, further fortifying its financial position amidst a competitive market landscape. Following the announcement, SpiceJet's shares surged, reflecting investor confidence in the airline's strategic moves. On the Bombay Stock Exchange (BSE), SpiceJet's shares experienced a notable uptick, rising by 2.7% to reach 63.19 rupees apiece. This latest development adds to SpiceJet's recent spree of settlements with prominent aircraft lessors, illustrating its proactive approach to resolving disputes and optimizing its operational efficiency. In March alone, SpiceJet finalized agreements with Export Development Canada (EDC), Echelon Ireland Madison One, Cross Ocean Partners, and Celestial Aviation, collectively amounting to significant savings of Rs 1,252 crore. The settlement agreement with EDC, resolving liabilities worth Rs 755 crore, stands out as a major milestone, facilitating savings of Rs 567 crore for SpiceJet and the acquisition of 13 EDC-financed A400 aircraft. Additionally, settlements with other lessors, including Echelon Ireland Madison One, Cross Ocean Partners, and Celestial Aviation, further underscore SpiceJet's commitment to amicable resolutions and operational enhancements. SpiceJet's proactive approach to settling disputes and optimizing its fleet underscores its resilience and strategic vision amidst a dynamic aviation landscape. As the airline continues to expand its operational footprint and fortify its financial position, stakeholders remain optimistic about its trajectory in the competitive aviation market.

Next Story
Infrastructure Energy

NTPC Signs $11.5 Billion Clean Energy Deals in Chhattisgarh

Juniper Green Energy has successfully commissioned a 100-MW solar power project aimed at supplying electricity to Bhutan, marking a significant milestone in regional energy integration. According to the company's statement, the project facilitates a crucial cross-border agreement allowing Bhutan to receive 50% of the power generated during the winter months. This arrangement permits Bhutan to directly import power from an Indian generator under an established bilateral trade framework. Located in Rajasthan, the solar project contributes a total generation capacity of 100 MW. Highlighting the..

Next Story
Infrastructure Energy

Juniper Green Commissions 100-MW Solar Project for Bhutan

The New Delhi Municipal Council (NDMC) held its first council meeting since the Delhi Assembly polls focusing on a comprehensive Summer Action Plan aimed at achieving 100% solar energy adoption by 2026. The meeting, led by MP Bansuri Swaraj, began with the swearing-in of three new NDMC members — Delhi Minister and New Delhi MLA Parvesh Sahib Singh, Delhi Cantt. MLA Virender Singh Kadian, and Ravi Kumar Arora, Additional Secretary of the Ministry of Housing and Urban Affairs. Solar Energy Push NDMC Vice Chairman Kuljeet Singh Chahal announced the civic body's ambitious solar energy plans, ..

Next Story
Infrastructure Energy

NDMC Pushes for 100% Solar Energy by 2026

Mumbai-based energy storage startup AmpereHour Energy has raised $5 million from Avaana Capital, with participation from UC Impower and other angel investors. Founded in 2017 by IIT Bombay alumni, AmpereHour Energy focuses on building AI/ML-enabled Energy Storage Systems ranging from kW/kWh scale systems for Mini-grids to MW/MWh scale systems compatible with solar PV and wind plants. The systems are designed to be plug-and-play, integrated with the company’s proprietary Energy Management platform, Elina. The fresh capital will be directed towards expanding manufacturing and software capabi..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?