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

07 Jun 2024 CW Team

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.

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