Ajay Singh, Chairman of Indian low-cost provider SpiceJet.
| Photo Credit: REUTERS
SpiceJet on March 7 stated it has settled a dispute involving ₹413 crore with plane leasing agency Echelon Ireland Madison One Ltd, making it the third dispute settlement to be introduced by the crisis-hit provider in lower than two weeks.
The newest settlement will end in financial savings of $48 million (₹398 crore), the airline stated in a press release.
As a part of the settlement of the ₹413-crore dispute, SpiceJet will purchase two airframes.
Generally, an airframe is an plane with out engines.
The airline, which is going through a number of headwinds and is within the means of elevating funds, is buying a complete of three airframes via the three dispute settlements. The airframes are of Boeing 737 NG planes.
“These successful settlements have resulted in total savings of ₹685 crore for the airline,” the assertion stated.
On March 5, the airline introduced a settlement with plane leasing agency Cross Ocean Partners with respect to a dispute of about $11.2 million (₹93 crore). As a part of the association, the airline will get an airframe and an engine.
Earlier, on February 28, SpiceJet stated it has settled the $29.9-million (₹250 crore) dispute with Celestial Aviation.
On March 7, shares of the airline jumped 3.52% to ₹64.10 apiece within the morning commerce on the BSE.
