SpiceJet Secures Lease for 10 Aircraft Ahead of Busy Summer:  SpiceJet, the private carrier, has recently sealed lease agreements for ten aircraft in anticipation of the upcoming summer season, known for heightened travel demand, according to a press release issued on Thursday.

The airline, led by Ajay Singh, has been actively resolving disputes in recent weeks, resulting in significant savings amounting to approximately Rs 685 crore.

As part of these settlements, SpiceJet has acquired three additional aircraft along with engines. Following an internal audit revealing certain senior executives had canceled scheduled flights to operate charters, three employees were terminated, report reads.

SpiceJet has successfully settled disputes totaling Rs 413 crore with Echelon Ireland Madison One, Rs 93 crore with Cross Ocean Partners, and Rs 250 crore with AerCap subsidiary Celestial Aviation.

The company aims to raise Rs 2,250 crore through a fundraising drive involving the sale of shares and warrants. With SpiceJet navigating through various challenges, the raised funds are earmarked for operational expansion initiatives, including fleet augmentation, route network expansion, and technological upgrades.

In a bid to save approximately Rs 100 crore annually, SpiceJet plans to lay off at least 1,000 employees. A spokesperson for the airline confirmed on February 13 that workforce rationalization forms part of its cost-cutting strategy to ensure sustainable growth.

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