Ajay Singh, Chairman and Managing Director of SpiceJet shared that the budget airline is set to raise around USD 250 million in the coming months to enhance its operations. This move comes as SpiceJet grapples with various challenges, including issues with lessors and debt.
Speaking at the CAPA India Aviation Summit in New Delhi on June 5, Singh highlighted the resilience of the airline despite facing “significant black swan events.” He stated, “It is difficult to kill SpiceJet….and we are trying to fix the problems,” emphasizing the airline’s determination to overcome its current difficulties. Singh also asserted that the airline’s balance sheet will be cleaned up over the next two quarters.
Recently, SpiceJet successfully raised USD 150 million and is now seeking additional funds to further stabilize and expand its operations. “We plan to raise USD 250 million in the next couple of months and there is a bright enough future,” Singh said, expressing optimism about the airline’s prospects.
Currently, SpiceJet has wet-leased some aircraft due to a significant portion of its fleet being grounded for various reasons. However, Singh is confident about the airline’s growth plans, stating, “We will grow our own fleet.”
Singh also stressed the importance of developing aviation hubs in India, noting, “It is critical that India has aviation hubs and we need to take every possible step” in this direction.
