SpiceJet has settled a USD 90.8 million dispute with Export Development Canada for USD 22.5 million, taking ownership of 13 Q400 planes. The airline expects cost savings and plans to return the planes to service.
Photograph: Amit Dave/Reuters
New Delhi, Nov 14 (PTI) SpiceJet on Thursday said it has settled a USD 90.8 million dispute with Export Development Canada for a total consideration of USD 22.5 million, leading to the airline taking ownership of 13 Q400 planes.
This resolution will result in savings of USD 68.3 million (Rs 574 crore), it said.
The crisis-hit airline, which recently raised Rs 3,000 crore, has also acquired the full ownership of 13 EDC-financed Q400 aircraft and the development will help in reducing operational costs.
In a release, the carrier said it has "fully settled a USD 90.8 million (Rs 763 crore) dispute with Export Development Canada (EDC) for a total of USD 22.5 million".
Ajay Singh, Chairman and Managing Director of SpiceJet, said the resolution allows the airline to move forward with a strengthened balance sheet and focus on getting Q400 aircraft back into service as quickly as possible.
Details about the airline's operational fleet could not be immediately ascertained.
Home » Market News » SpiceJet Settles Dispute, Takes Ownership of 13 Q400 Planes
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback