Indian airline SpiceJet has successfully settled a ₹413-crore dispute with aircraft leasing firm Echelon Ireland Madison One Ltd, marking the third resolution in less than two weeks for the carrier facing various challenges.
The latest resolution, involving ₹413 crore, will lead to savings of $48 million (₹398 crore) for SpiceJet, according to a statement released by the airline.
Strategic Acquisition: SpiceJet Gains Two Airframes in Resolution
As part of the ₹413-crore dispute resolution, SpiceJet will acquire two airframes, specifically Boeing 737 NG planes, providing a strategic addition to its fleet.
Read more on this:SpiceJet Secures Rs 900 Crore Funding To Enhance Fleet And Reduce Costs
Total Savings Reach ₹685 Crore Through Recent Resolutions
The three successful dispute resolutions, including the recent one with Echelon Ireland Madison One Ltd., have contributed to a total savings of ₹685 crore for SpiceJet, enhancing its financial position.
Continued Progress: SpiceJet's Ongoing Efforts Amidst Multiple Challenges
SpiceJet, currently navigating through a series of challenges and actively seeking funding, is making continuous progress by resolving disputes and strategically acquiring assets, including airframes.
Read more on this: Financial Crisis Hit SpiceJet Chief Summits Bid For Bankrupt GoFirst Acquisition
Market Response
Following the announcement of the dispute resolution with Echelon Ireland Madison One Ltd. on March 7, SpiceJet's shares experienced a 3.52% increase, reaching ₹64.10 apiece in morning trade on the BSE.
(inputs from various agencies)
Media sources: iStock
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