SpiceJet scouting for funds from airlines, external parties; plans to add 7 planes by December-end: Ajay Singh

SpiceJet is looking for investments from external parties, including airlines, and also plans to add seven more Boeing planes to its fleet, the carrier’s chief Ajay Singh said on August 23.

In recent times, SpiceJet has faced turbulence — especially with many of its flights suffering technical snags — and subsequently, the airline has faced actions from aviation regulator DGCA.

SpiceJet chairman and managing director Ajay Singh said it is doing the utmost to work through the stress that it has faced and the strategy is to raise resources.

“We are doing it by way of the government-supported scheme ECLGS, getting new aircraft from Boeing and therefore through the SLB process, exploring options for fundraise… we are exploring all options,” he said.

Mr. Singh also said the airline was looking at investments from external parties, including airlines.

Without divulging specific details, he said the carrier would do everything to ensure it remains a strong and vibrant player.

The shareholders of SpiceJet, which is a listed company, have approved fundraising of ₹1,500 to ₹2,000 crore, and some of the amounts have already been raised, Mr. Singh said.

Talking to reporters on the sidelines of an event organised by industry body Assocham, he said the carrier plans to add at least seven more planes by the end of December.

Currently, the airline has 60 operational aircraft.