SpiceJet, the country’s favourite airline and the largest regional player, has signed a Memorandum of Understanding (MoU) with Avenue Capital Group, New York for a strategic alliance in respect of the financing, acquisition and sale and lease-back of 50 new planes to be ordered by the airline.
MoU for SpiceJet’s New Aircraft Portfolio
The MoU sets out the next steps and conditions upon which Avenue, as part of the strategic alliance with SpiceJet, will assist with placing of SpiceJet’s new aircraft portfolio including sale and lease-back of and also assumption of ownership of potentially up to 50 of these aircraft.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “We are delighted to enter into this strategic alliance with Avenue Capital Group and we look forward to closely working with them. This alliance will ensure a seamless induction of the planes in our fleet and help us plan better for the long term.
SpiceJet said it has made flying affordable for more Indians than ever before. The airline operates a fleet of Boeing 737s, Bombardier Q-400s and freighters and is the country’s largest regional player operating 63 daily flights under UDAN or the Regional Connectivity Scheme. A majority of the airline’s fleet offers SpiceMax, its spacious economy class seating offering in India.
Dedicated Air Cargo Service
The airline also operates a dedicated air cargo service under the brand name SpiceXpress offering safe, on-time, efficient and seamless cargo connectivity across India and on international routes.