Page 21 - AAA NOV / DEC 2024 Digital Magazine | GBP

the same success on long-haul
routes,” said Benoît de Saint-
Exupéry, Airbus EVP Sales,
Commercial Aircraft. IndiGo is
bullish on the international travel
prospects from India, since when
it comes to international travel, the
Indian market is still underpene-
trated, both from a point of sales,
India as well as from the foreign
visitors into India. The sheer size
of this market and potential for
growth will provide strong impetus
for the airline to increase its inter-
national operations.
SpiceJet Eyes Revival
The ailing Indian carrier SpiceJet
appears to be on course for
a revival, having successfully
completed a Qualified Institutional
Placement (QIP) in September,
which allowed the carrier to
raise Rs 30 billion, in addition to
addition to an additional Rs 736
million from a previous funding
round. The fund infusions are
timely and much needed to bol-
ster, the LCC’s financial stability
and growth trajectory. “The fresh
capital raised will play a key
role in ungrounding SpiceJet’s
existing aircraft, acquiring new
planes, investing in technol-
ogy, and expanding into new
markets. The airline remains
focused on restoring its reputa-
tion for efficiency and reliability,
ensuring passengers benefit
from improved connectivity and
access to a wider range of travel the airline and our passengers,”
options,” a SpiceJet spokesper-
son told AAA.
In October, SpiceJet announced
that it would expand its fleet by
the end of November with the
induction of ten aircraft. Seven of
these aircraft are being acquired
on lease, while three previously
grounded SpiceJet planes are to
be reintroduced into service. The
airline has already signed agree-
ments for the leased aircraft,
with the full induction of all seven
ASIAN AIRLINES & AEROSPACE
planes expected by November and Horizon III Aviation 2 Ltd.,
15. Two of the leased aircraft which are the lessors under the
have already arrived in India management of Babcock & Brown
and are scheduled for immedi- Aircraft Management (BBAM).
ate induction. SpiceJet will also The dispute valued in aggregate
operationalise its grounded planes at $131.85 million (approxi-
in phases, with the first three set mately Rs11 billion) with aforesaid
to re-enter service before the end lessors has been resolved for
of November. “This addition is $22.5 million. “This settlement
crucial as we continue to meet represents one of the largest
the growing demand for air financial agreements reached
travel while strengthening our by SpiceJet, marking a substan-
operational capabilities. With tial step towards strengthening
the capital raised, SpiceJet is the airline’s balance sheet and
well-positioned to offer improved reducing its overall liabilities.
services and an expanded route By resolving this major dis-
network. We are committed to pute, SpiceJet has cleared a
delivering seamless, reliable, significant hurdle, paving the
and affordable travel, and we are way for improved financial sta-
excited about the future for both bility and operational efficiency,”
the spokesperson said. The
said Ajay Singh, Chairman and airline also announced recently,
Managing Director of SpiceJet. that it had resolved a dispute
with Engine Lease Finance
SpiceJet presently has an oper- Corporation (ELFC) which had
ational fleet of approximately 20 claimed $16.7 million. The set-
aircraft and operates two types in tlement has been reached for
Boeing’s 737 single-aisle jetlin- an undisclosed amount, which is
ers and De Havilland Canada lower than the initial claim.
Dash 8-400 regional trans-
port aircraft. The carrier has Air India Express
also entered into an amicable
settlement of its dispute with its Targets Growth
the lessors, Horizon Aviation 1 Air India Express, is the LCC
Ltd., Horizon II Aviation 3 Ltd., subsidiary of Air India, which
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