In another settlement, SpiceJet on Thursday, March 7, said it has resolved a $49.8-million (Rs 413 crore) dispute with Echelon Ireland Madison One Ltd. This settlement will result in savings of $48 million (Rs 398 crore) for SpiceJet, according to a company statement.
“As part of the agreement, SpiceJet will acquire two airframes, enhancing the airline’s fleet and operational capabilities,” Spicejet said in the statement on Thursday.
This settlement marks the third major resolution for SpiceJet following its recent fundraising. These successful settlements have resulted in total savings of Rs 685 crore for the airline, further strengthening SpiceJet’s financial stability and balance sheet, it said.
At 11.10 am, shares of SpiceJet were trading at Rs 64.55 on the BSE, which is higher by 4.25 per cent as compared to the previous close.
On March 5, SpiceJet announced it had reached settlement terms with aircraft leasing firm, Cross Ocean Partners, resolving a dispute of about $11.2 million (Rs 93 crore). As part of the arrangement, the airline will also benefit from the transfer of an airframe and an engine at no additional cost, augmenting its operational capabilities.
On February 28, SpiceJet announced that it had mutually settled its $29.9 million (Rs 250 crore) dispute with Celestial Aviation resulting in savings of Rs 235 crore.
Ajay Singh, chairman and managing director of SpiceJet, said, “We are pleased to announce the successful resolution of our dispute with Echelon Ireland Madison One Ltd., marking another significant milestone for SpiceJet. This settlement not only underscores our commitment to financial prudence but also enables us to further fortify our fleet with the acquisition of two airframes.”
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