NEW DELHI: Thanks to its recent Rs 3,000-crore funding, SpiceJet has informed the Directorate General of Civil Aviation (DGCA) it plans to have all its grounded planes back in the air within 18-24 months.
Ajay Singh’s airline has earmarked Rs 400 crore for spares, maintenance and engineering for this task. In the interim, it will also wet-lease some planes (hire planes with operating crew) to give a boost to capacity, this is what SpiceJet engineering informed the DGCA last Friday when the airline was called for their post-funding plans regarding operational fleet size.
The more comes at a time when the regulator is finalising the winter schedule of flights that will be effective from this month’s end. “The airline informed seven grounded aircraft will be flying again by the calendar year-end,” said sources.
Before it recently secured funding, more than half of SpiceJet’s fleet had been grounded. As on June 30, 2024, 36 of its 64 planes were grounded. And of the 28 airworthy planes, barely a few were flying. Clearly, the airline wants to change that quickly. After securing the funding, SpiceJet CMD Ajay Singh told TOI the airline aims to have a fleet of 100 aircraft by the end of 2026.
On Tuesday, the airline announced it will have 10 more planes flying by Nov-end by leasing seven and ungrounding three. Agreements for these seven leased aircraft have been signed and they should be inducted by Nov 15. “Two of these leased aircraft have already arrived in India and are scheduled for immediate induction. SpiceJet will also operationalise its grounded planes in phases, with the first three set to re-enter service before the end of November,” the airline said in a statement.
“This fleet expansion follows SpiceJet’s successful qualified institutional placement (QIP) (for) Rs 3,000 crore…. In addition to the QIP, the airline is set to receive an additional Rs 736 crore from a previous funding round, further bolstering its financial stability and growth trajectory,” the airline said.
SpiceJet CMD Ajay Singh said: “This addition is crucial as we continue to meet the growing demand for air travel while strengthening our operational capabilities. With the capital raised, SpiceJet is well-positioned to offer improved services and an expanded route network. We are committed to delivering seamless, reliable, and affordable travel, and we are excited about the future for both the airline and our passengers.”