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

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

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.

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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement