SpiceJet seeks $ 250 mn raise in 2 months: CMD Ajay Singh
AVIATION & AIRPORTS

SpiceJet seeks $ 250 mn raise in 2 months: CMD Ajay Singh

During a session of the CAPA India Aviation Summit 2024, Ajay Singh, the Chairman and Managing Director of SpiceJet, announced that the company aims to raise $250 million within the next two months and gradually increase its fleet size to 100 aircraft.

Singh stated that they had raised some funds two or three months prior and mentioned that another round of fundraising will occur over the next couple of months, with approximately $150 million already secured.

He explained that the airline's finances have been significantly impacted in recent years due to the effects of the pandemic and the grounding of its Boeing 737 MAX fleet for two and a half years.

Singh expressed their commitment to increasing capacity and utilising it as necessary as part of the airline's revival process. Currently, SpiceJet operates with an active fleet of about 30 aircraft.

Regarding the cargo business, Singh emphasized that the focus will remain on its expansion. He mentioned the creation of a separate company for cargo operations and plans to fund and expand it independently, as part of the ongoing restructuring efforts.

During a session of the CAPA India Aviation Summit 2024, Ajay Singh, the Chairman and Managing Director of SpiceJet, announced that the company aims to raise $250 million within the next two months and gradually increase its fleet size to 100 aircraft. Singh stated that they had raised some funds two or three months prior and mentioned that another round of fundraising will occur over the next couple of months, with approximately $150 million already secured. He explained that the airline's finances have been significantly impacted in recent years due to the effects of the pandemic and the grounding of its Boeing 737 MAX fleet for two and a half years. Singh expressed their commitment to increasing capacity and utilising it as necessary as part of the airline's revival process. Currently, SpiceJet operates with an active fleet of about 30 aircraft. Regarding the cargo business, Singh emphasized that the focus will remain on its expansion. He mentioned the creation of a separate company for cargo operations and plans to fund and expand it independently, as part of the ongoing restructuring efforts.

Next Story
Infrastructure Transport

Anand Vihar and Punjabi Bagh Flyovers Ready

Work on two major road infrastructure projects, the Anand Vihar flyover and the Punjabi Bagh flyover, has been completed but are yet to be opened for public use, according to officials. Located in highly congested areas, work on these projects started around two years ago. "The work on the flyover is complete and it is ready for opening," said a PWD official on Wednesday. According to sources, both the flyovers are likely to be inaugurated closer to the assembly elections in Delhi, scheduled for early next year. During the time the work was under way, motorists faced heavy traffic congestion ..

Next Story
Infrastructure Transport

RDSO finalise oscillation trials on Indore Metro

Indore Metro Phase 1 advances with the completion of oscillation and brake performance trials on the Yellow Line through three coaches manufactured by Alstom conducted by Research Design and Standards Organisation (RDSO). The oscillation trials were conducted with an aim to evaluate the stability and performance of the three different coaches during the movement, ensuring that the commencement of operation on Indore metro meets the safety and performance standard. The Emergency Braking Distance (EBD) was also reviewed by the RDSO team to evaluate the efficient stopping of trains during the op..

Next Story
Infrastructure Urban

IIT Guwahati develops sustainable geopolymer

A research team at the Indian Institute of Technology Guwahati, led by Prof. Anil K. Mishra from the Department of Civil Engineering, has developed an innovative solution to two major global challenges: industrial waste management and sustainable construction. Their research focuses on creating a geopolymer using industrial byproducts and waste materials, such as water treatment sludge (WTS), fly ash (FA), and ground granulated blast furnace slag (GGBS). “With the rapid pace of urbanisation and industrialisation, managing industrial waste has become a critical global issue," said IIT Guwaha..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000