SpiceJet Plans To Induct 10 Boeing 737 Aircraft, Shares Jump 5.5 Per Cent
Ajay Singh, the chairman and managing director of SpiceJet, said that the airline has been planning capacity addition to cater to the growing needs of Indian aviation market
SpiceJet on Friday announced that it will induct 10 Boeing 737 aircraft from September. The airline has signed a lease agreement for 10 Boeing 737 planes, including five 737 Max. After this news, shares of SpiceJet jumped 5.5 per cent in early trade on Friday. The low-cost airline is actively engaged in the restoration and revival of its grounded aircraft, which are expected to be back in service soon.
Ajay Singh, chairman and managing director of SpiceJet, told news agency ANI that SpiceJet has been planning capacity addition to cater to the growing needs of Indian aviation market.
SpiceJet has been planning capacity addition to cater to the growing needs of Indian aviation market. We'll be inducting ten B737 aircraft between September-October 2023. The induction of these planes, which coincides with the peak travel season in India, will help us launch new… pic.twitter.com/LuAIAlJyDm
— ANI (@ANI) June 9, 2023
“We'll be inducting ten B737 aircraft between September-October 2023. The induction of these planes, which coincides with the peak travel season in India, will help us launch new routes and strengthen our presence on existing ones,” Singh told the agency. He had pointed out the increasing demand and shared hopes that it will last till the year-end.
To address the growing needs of the Indian aviation market, SpiceJet has been working on capacity expansion. This timing aligns with the peak travel season in India, allowing SpiceJet to introduce new routes and reinforce its presence on existing ones, Singh said.
The announcement came just a day after the low-cost carrier said that it had partnered with FTAI Aviation to effectively manage maintenance expenses and minimise aircraft downtime. Under this collaboration, FTAI Aviation will lease up to 20 engines to SpiceJet, along with providing maintenance services.
By leveraging the expertise of FTAI Aviation in engine services, SpiceJet will gain access to a pool of available engines, eliminating the need for frequent shop visits and ensuring a smoother operational process. This collaboration forms part of SpiceJet's revitalisation programme, aimed at reducing maintenance costs and enhancing overall performance by minimizing aircraft downtime. The news of a partnership with FTAI Aviation had also set the stock soaring 4.4 per cent higher in the previous session.
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