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Spicejet News -- Part 6
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The_Goat
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PostPosted: Wed Jun 02, 2021 1:48 am    Post subject: Re: Ad goofup Reply with quote

747-237 wrote:


They’ve combined both the HiFly aircraft they’ve wet-leased in (A340-300 freighter and A330-900neo). Zero eye for attention to details.
That being said, when the A340 was leased in, the Times of India published an article that said that for the first time an Indian carrier other than Air India would operate a quad jet. I had to email the Aviation journalist to remind him that Jet Airways had already done that, 15 years ago, with the leased South African A340-300s; that too in 9W livery (HiFly operates both for Spicejet as white tails). He responded to apologize for the error.


At least the reporter knew what a quad jet was. Thank heavens for small mercies!

But actually, even 9W wasn't the first airline after AI to operate quad jets in India. Wink

http://airlinersindia.s4.bizhat.com/viewtopic.php?p=106259#106259
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The_Goat
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PostPosted: Wed Jun 16, 2021 10:55 pm    Post subject: Reply with quote

I just had a look at SpiceJet's fleet, and it looks pretty dismal.

Almost all of their DHC-8s are parked.

https://www.airfleets.net/flottecie/SpiceJet-active-dh8.htm

And quite a few of their 737s too.

https://www.airfleets.net/flottecie/SpiceJet-active-b737ng.htm


Are they the next to go bust, or is it just that the number of flights have been cut down due to Corona lockdowns?
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iah87
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PostPosted: Thu Jun 17, 2021 7:08 pm    Post subject: Reply with quote

The_Goat wrote:
I just had a look at SpiceJet's fleet, and it looks pretty dismal.

Almost all of their DHC-8s are parked.

https://www.airfleets.net/flottecie/SpiceJet-active-dh8.htm

And quite a few of their 737s too.

https://www.airfleets.net/flottecie/SpiceJet-active-b737ng.htm


Are they the next to go bust, or is it just that the number of flights have been cut down due to Corona lockdowns?


This time it is primarily due to Covid, as all airlines are struggling as travel is way down in India and internationally most countries have some sort of a ban.

They may survive, they are the most likely to get a "lifeline" from GOI. I wonder what is happening to the Vande Bharat bubble flights which Spicejet has been flying.
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The_Goat
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PostPosted: Fri Jun 18, 2021 1:10 am    Post subject: Reply with quote

iah87 wrote:


This time it is primarily due to Covid, as all airlines are struggling as travel is way down in India and internationally most countries have some sort of a ban.

They may survive, they are the most likely to get a "lifeline" from GOI. I wonder what is happening to the Vande Bharat bubble flights which Spicejet has been flying.


Strange then , that Indigo with its much larger fleet seems to have far fewer aircraft parked.
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PostPosted: Fri Jul 09, 2021 9:56 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/105377-indias-spicejet-confirms-it-will-separate-cargo-lifeline

SpiceJet confirms it will separate cargo “lifeline”

06.07.2021

SpiceJet plans to “hive-off the cargo business to operate as a separate entity,” in the words of chairman and managing director Ajay Singh, as a means of raising capital and bolstering the company’s shaky balance sheet.

The comments appear to confirm reports earlier this year that shareholders had agreed to separate SpiceXpress, its cargo arm, by placing it in a wholly-owned subsidiary.

On June 30, the low-cost carrier posted a net loss of INR2.35 billion rupees (USD31.6 million) for its fourth quarter ending March 31, lower than the INR8.07 billion (USD109 million) loss it experienced a year ago but more severe than expected due to India’s devastating second wave of Covid-19. The net loss for the fiscal year was INR9.98 billion (USD134 million).

But while the losses have been significant on the passenger side, cargo operations have “continued to provide a much-required lifeline to our overall operations,” the airline said in a statement, with cargo revenue rising 518% and bringing a full-year profit for this part of the company to INR1.31 billion (USD17.6 million) against an INR1.34 billion (USD18 million) loss the previous year.

The airline carried 39,693 tonnes of cargo during the quarter, down 3.8% on a sequential basis, but resulting in quarterly revenue of INR4.16 billion (USD56 million).

According to the ch-aviation fleets advanced module, SpiceJet currently operates three B737-700(BDSF)s and two B737-800(BCF)s. It also deploys seven DHC-8-Q400s as makeshift freighters, in addition to wet-leasing an A340-300 from Hi Fly Malta (HFM, Malta Int'l) for its cargo operations.

“The intensity with which the second wave of Covid-19 struck and the unimaginable devastation it has caused, both for the already battered travel industry and generally, will take time to heal. To ensure our long-term growth and sustainable operation we have decided to raise funds of up to INR25 billion [USD337 million]. These funds will be used to significantly strengthen our balance sheet,” Singh said in the statement.

“Much like the first wave, this time, too, our cargo arm was exceptionally active [...]. In order to provide greater focus to the cargo business and raise additional capital, we will hive off the cargo business to operate as a separate entity. This will provide greater opportunity and flexibility in pursuing our long-term growth plan and strategies for the cargo business.”

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PostPosted: Fri Jul 09, 2021 9:58 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/105640-de-havilland-turns-to-delhi-court-to-enforce-spicejet-award

De Havilland turns to Delhi court to enforce SpiceJet award

09.07.2021

De Havilland Aircraft of Canada has asked the Delhi High Court to force SpiceJet to pay USD42.9 million in damages awarded and then upheld earlier this year at the High Court of Justice in London.

It was reported in March 2020 that the manufacturer was suing the increasingly indebted low-cost carrier over a 2017 purchase agreement for twenty-five Dash 8-400 turboprops, claiming that the airline subsequently paid for and took delivery of five of them but halted pre-delivery payments for most of the remainder.

SpiceJet has argued that its payment obligations were suspended by a change order the two companies signed in April 2019, alleging that this suspended payment liability as well as scheduled delivery dates, something De Havilland denied.

As SpiceJet has so far made no apparent move to pay the award ordered in London, De Havilland Aircraft of Canada filed an application at the Delhi court to implement the ruling, sources told the Hindu Business Line on July 7.

In preparation for another legal clash, both sides have hired top local lawyers, in De Havilland’s case Mumbai-based K Ashar & Co, and for SpiceJet Harish Salve, a senior advocate who practices at the Supreme Court of India.

The embattled budget carrier has faced a flurry of court cases in recent months over alleged unpaid debts. It recently pledged to separate its profitable cargo business to operate as a separate entity and said it would seek to raise INR25 billion rupees (USD33 million) to stay afloat.

SpiceJet and De Havilland Aircraft of Canada had not responded to ch-aviation’s request for comment at the time of going to press.

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PostPosted: Tue Jul 20, 2021 1:23 pm    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/105887-spicejet-owner-prepares-1bn-for-air-india-bid-report

SpiceJet owner prepares $1bn for Air India bid - report

20.07.2021

Ajay Singh, chairman, managing director, and majority owner of loss-making low-cost carrier SpiceJet (SG, Delhi Int'l), is putting together a USD1 billion war chest for his Air India (AI, Mumbai Int'l) bid, unnamed sources close to the matter have told The Economic Times.

While Singh would have a shareholding minimum of 26% in the special purpose vehicle he is arranging, the fundraising effort will also include USD700 million in contributions from two US-based private equity funds, which were also unnamed in the article.

As his personal contribution, the businessman plans to use a combination of his shares in SpiceJet and equity that will be allocated to him as part of a planned separation of his airline’s cargo business as security to raise about USD300 million. He would offload part of his stake in the cargo unit through an offer for sale (OFS) mechanism, the sources claimed.

The government has set a deadline of the third week in August for the submission of financial bids for a 100% stake in the state-owned flag carrier including full ownership in its low-cost unit Air India Express (IX, Mumbai Int'l) and 50% of AISATS, a 50:50 cargo and groundhandling joint venture between Air India and Singapore’s SATS Limited.

The Economic Times noted that although Singh owns around 60% of SpiceJet, more than a third of his stake is encumbered. It estimated the value of Singh’s holding, according to the current share price, at about INR29 billion rupees (USD387 million).

Air India reportedly has debts of around INR370 billion (USD4.94 billion), but the two likely bidders - the other being Indian conglomerate Tata Sons - will seek a significant reduction on that amount.

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PostPosted: Tue Aug 17, 2021 8:01 pm    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/106806-indias-spicejet-to-pursue-separate-aoc-for-cargo-unit

SpiceJet to pursue separate AOC for cargo unit

16.08.2021

India's Minister of Civil Aviation VK Singh has said that SpiceXpress & Logistics, the cargo division of SpiceJet (SG, Delhi Int'l), is among four companies that have applied for no-objection certificates to launch scheduled air operations.

Singh underlined during a hearing in the Lok Sabha, the Indian parliament, that the application was necessary to proceed with the launch of a scheduled airline. However, non-scheduled operations can be permitted without such a document.

While he did not go into any further details, the application indicates that SpiceJet's cargo subsidiary, in addition to being a company separate to its mainline parent, will also have its own AOC. Currently, the LCC operates three B737-700(BDSF)s and two B737-800(BCF)s under its own AOC alongside its passenger aircraft, even though they are branded separately. SpiceJet did not respond to ch-aviation's request for comment.

Singh also said that Jet Freight, a Mumbai-based freight forwarder, has also applied for a no-objection certificate. It too did not respond to ch-aviation's query.

The other two companies in the process of obtaining their no-objection certificates are ultra-low-cost-carrier start-up Akasa Air, which plans to launch by the end of 2021, and TruJet, which is seeking to alter the terms of its certificate following the announcement of a multi-million investment deal with US-based fund Interups.

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PostPosted: Sun Aug 29, 2021 7:27 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/107229-india-lifts-b737-max-ban-to-benefit-of-spicejet-akasa-air

India lifts B737 MAX ban to benefit of SpiceJet, Akasa Air

26.08.2021

India’s civil aviation regulator, the Directorate General of Civil Aviation (DGCA), announced on August 26 that it had cleared Boeing’s B737-8 and B737-9 aircraft to take to the skies with immediate effect.

The lifting of the ban, which had been in effect since March 19, means that SpiceJet (SG, Delhi Int'l), the only carrier in the country with MAX aircraft, can now resume operations with its grounded fleet and that start-up Akasa Air can proceed with its plan to place orders for the aircraft.

The rescission allows flights in India with MAX aircraft “only upon satisfaction of applicable requirements for return to service,” the aviation safety regulator said in its order, published on its website.

Around 175 countries have allowed this fourth generation of the Boeing narrowbody to return to service following a global ban imposed in the wake of two fatal crashes, and 30 airlines have resumed or are planning to restart their MAX services. China is now the only major market not to do so, although Boeing conducted a test flight there earlier this month.

SpiceJet has taken delivery of thirteen B737-8s and has 133 more awaiting delivery, the ch-aviation fleets advanced module shows. CDB Aviation leases five of the thirteen to the low-cost carrier, BOC Aviation three, Avolon and Goshawk two each, and GECAS one.

The airline revealed in its own statement on August 26 that it had “entered into a settlement” with Avolon “paving the way for the airline’s 737 MAX aircraft to start to return to service.” It “hopes to see its MAX aircraft back in air soon, subject to regulatory approvals,” it said, adding that this could be “around the end of September.”

“As India emerges from Covid and air traffic picks up again, the MAX aircraft will play a major role in our future expansion. With a better and a more efficient fleet back in operation, we expect a significant reduction in our operating costs, improving our bottom line,” said Ajay Singh, SpiceJet’s chairman and managing director.

According to local media, Akasa Air has been in talks with Boeing to acquire up to one hundred B737 MAX aircraft, and the start-up LCC had also been appealing to the Indian government to recertify the aircraft type.

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PostPosted: Fri Sep 10, 2021 10:36 pm    Post subject: Reply with quote

https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/spicejet-employees-protest-over-non-payment-of-full-salaries-issue-resolved-says-airline/articleshow/85894066.cms

This is the airline which is also bidding for AI. Seriously ?

They are behind in paying salaries, vendors and leasing companies, how are they even contemplating bidding for a much larger airline with debts, labor unions etc.
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PostPosted: Thu Sep 16, 2021 9:03 am    Post subject: Reply with quote

SpiceJet has wet-leased an A330 for US cargo ops.
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PostPosted: Thu Sep 16, 2021 9:28 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/107732-indias-spicejet-settles-with-max-lessor-cdb-aviation

SpiceJet settles with MAX lessor CDB Aviation

15.09.2021

SpiceJet (SG, Delhi Int'l) announced in a stock exchange filing on September 13 that it had settled with CDB Aviation, another lessor of the Boeing MAX, and anticipated resuming commercial operations with the aircraft by the end of September.

The airline said in its brief statement that “it has commercially agreed a settlement with CDB Aviation, another major lessor of MAX aircraft. This will add to the already announced settlement with Avolon and [will allow SpiceJet to] grow its fleet of B737 MAX aircraft. The airline expects to start operations of MAX aircraft around the end of September 2021, subject to regulatory approvals.”

SpiceJet, India’s second-biggest airline by market share, took delivery of thirteen B737-8s between September 2018 and when the MAX was grounded worldwide in March 2019, the ch-aviation fleets advanced module shows, with a further 133 of the type to be delivered. Five of the thirteen aircraft are currently stored at Delhi Int'l, two at Chennai, two at Ahmedabad, and one each at Bangalore Int'l, Hyderabad Int'l, Kolkata Int'l, and Mumbai Int'l. CDB Aviation leases five of the thirteen to the carrier, BOC Aviation three, Avolon and Goshawk two each, and GECAS one.

SpiceJet is the only airline in the country with MAX aircraft, although start-up Akasa Air has said it will proceed with a plan to place orders for the aircraft. SpiceJet said last month that it expected its MAX jets to return to service at the end of September, following a similar settlement with lessor Avolon.

India’s civil aviation regulator, the Directorate General of Civil Aviation (DGCA), announced on August 26 that it had cleared B737-8 and B737-9 aircraft to take to the skies with immediate effect. MAX grounding orders have already been lifted in large markets such as the United States, Europe, Australia, Japan, and Malaysia, leaving China as the biggest market yet to approve it.

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PostPosted: Mon Sep 27, 2021 11:24 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/108093-indias-spicejet-wipes-out-most-debts-with-cargo-sale

SpiceJet “wipes out most debts” with cargo sale

27.09.2021

SpiceJet shareholders have approved the transfer of its cargo and logistics business, SpiceXpress and Logistics Private Ltd, to a subsidiary on a “slump sale basis” - without considering its individual values or liabilities - for INR25.56 billion rupees (USD347 million).

The sale, initially revealed three months ago, will bring a one-time gain of this amount to the budget carrier, “wiping out a substantial portion of the company’s negative net worth,” it claimed in a statement on September 22. SpiceJet had a negative net worth of INR33 billion (USD446 million) as of June 30, it said, so the move cuts this back to about INR7.45 billion (USD101 million).

SpiceXpress will operate as an independent entity “with separate and enhanced management focus” and Spicejet will continue to provide certain services to it. Offloading it will also assist in evaluating its business performance.

The shareholders also cleared, through remote e-voting, a proposal to raise up to INR25 billion (USD339 million) through a Qualified Institutional Placement (QIP) - a tool that allows an Indian-listed company to seek capital from domestic markets without the need to submit pre-issue filings to market regulators.

In SpiceJet’s quarterly report for the period ending June 30, released last month, SpiceXpress and Logistics scored a net profit of INR300 million (USD4.1 million), while the company as a whole posted a net loss of INR7.29 billion (USD99 million). The logistics business raked in revenues during the quarter of INR4.73 billion (USD64 million), up 285% year-on-year. SpiceJet said that the logistics arm operates a network of 68 domestic and 110 international destinations.

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PostPosted: Fri Oct 08, 2021 3:30 pm    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/108441-indias-spicejet-to-add-up-to-40-new-passenger-aircraft

SpiceJet to add up to 40 new passenger aircraft

08.10.2021

SpiceJet wants to add another 30 to 40 passenger aircraft, including 10 to 15 more widebodies, on top of the 133 B737-8s it is still awaiting delivery for, its chairman and managing director Ajay Singh told Bloomberg on the sidelines of the IATA conference in Boston this week.

The budget carrier has “a reasonable chance” of breaking even during this final quarter of 2021, he claimed, due to cost cuts, reworked lease contracts, a recovery in passenger travel in India, and the value of its cargo operation. SpiceJet is also hopeful of reaching a compensation deal with Boeing “very soon” for the MAX grounding. Meanwhile, salaries have been restored for all employees, he added.

As previously reported, SpiceJet shareholders approved last month the transfer of its cargo and logistics business, SpiceXpress and Logistics Private Ltd, to a subsidiary for INR25.56 billion rupees (USD342 million), a move it claimed would “wipe out a substantial portion” of its negative net worth.

“We, like other airlines, made losses in this period, but on the other side we built out this asset,” Singh said in Boston, adding that he anticipates the cargo business to achieve USD1 billion in annual revenue within three years from about USD350 million this year.

According to the ch-aviation fleets advanced module, SpiceJet currently operates a fleet of ninety-eight aircraft including thirty-nine B737-800s, five B737-700s, the thirteen still-inactive B737-8s, four B737-900(ER), and thirty-two DHC-8-Q400s, along with three B737-700(BDSF)s and two B737-800(BCF)s. All are leased except for thirteen of the Dash-8s.

“SpiceJet will definitely need capacity because a lot of our old aircraft are slated for lease returns over the next year,” Singh said.

However, the Times of India reported that the return to service of SpiceJet’s MAX 8s has been delayed. On August 26, regulators in India cleared the aircraft type to fly again. But although SpiceJet - so far its only operator in the country - had set October 5 as the type’s first post-grounding flight, this has been deferred, sources told the newspaper without elaborating. Singh told Bloomberg that the first flight had been timed for October 8.

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PostPosted: Fri Oct 22, 2021 7:13 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/108849-indias-first-seaplane-operations-in-limbo

India's first seaplane operations in limbo

22.10.2021

India’s first seaplane service by SpiceJet subsidiary SpiceShuttle (SG, Delhi Int'l) remains grounded six months after it suspended operations citing prevalent COVID-19 conditions in India at the time.

On April 15, the venture, which only started on October 31, 2020, halted its operations until further notice. This came after it had temporarily stopped operating in November 2020 when it had to send its single DHC-6-300 (Floats), 8Q-ISC (msn 321), wet-leased from Maldivian (Q2, Malé) for mandatory maintenance with its lessor in the Maldives due to a lack of wet and dry dock facilities in Ahmedabad. According to the ch-aviation fleets advanced module, the aircraft remains stored at Malé.

The carrier started out with flights between the Sabarmati Riverfront in Ahmedabad to the Statue of Unity in Kevadia.

Neither SpiceShuttle nor SpiceJet was immediately available for comment.

India Today reported “top government officials” as saying: “The service was expected to resume in September this year. However, we have not yet heard from the airline regarding the resumption of service as yet. SpiceJet is in talks with a manufacturer to buy an aircraft. These processes take time and therefore, we are not sure whether and when the new aircraft will be procured and operationalised for the service,” the source said.

The wholly-owned subsidiary of SpiceJet aimed to piggyback on the government’s UDAN subsidised regional connectivity scheme, while also advertising private charters and sight-seeing flights. A notice on its website read: “We are experiencing heavy traffic and there is limited inventory on our flights”.

In 2017, Spicejet conducted seaplane trials in Nagpur, Agatti, Guwahati, and Mumbai’s Girgaum Chowpatty.

According to reports, SpiceJet had secured 18 seaplane routes under the UDAN scheme, which included Ahmedabad-Kevadia, and between Agatti and Minicoy.

Regions in India’s North East, including Uttarakhand, Uttar Pradesh, Andhra Pradesh, Rajasthan, Maharashtra, Andaman, Lakshadweep and other coastal areas had been evaluated for amphibious operations.

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PostPosted: Thu Oct 28, 2021 8:25 am    Post subject: Reply with quote

Spicejet has withdrawn two B737-800s, VT-SLL & VT-SGH from the fleet today.
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PostPosted: Thu Nov 04, 2021 10:30 am    Post subject: Reply with quote

SpiceJet will chartering in a B767 for European operations
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PostPosted: Thu Nov 18, 2021 9:23 pm    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/109926-spicejet-boeing-settle-max-claims-may-involve-freighters

SpiceJet, Boeing settle MAX claims, may involve freighters

18.11.2021

SpiceJet (SG, Delhi Int'l) announced on November 17 that it had agreed with Boeing (BOE, Chicago O'Hare) to settle outstanding claims related to the grounding of its B737 MAX fleet.

The indebted Indian low-cost carrier said in a short statement: “The company is pleased to announce that it has entered into a settlement agreement with Boeing, wherein Boeing has agreed to provide certain accommodations and settle the outstanding claims related to the grounding of 737 MAX aircraft and its return to service.”

It added, without elaborating further: “This paves the way for the induction of efficient and younger MAX aircraft into the company’s fleet and ensures the resumption of new aircraft deliveries from our order of 155 MAX aircraft.”

India’s civil aviation regulator, the Directorate General of Civil Aviation (DGCA), said on August 26 that it had cleared B737-8 and B737-9 jets for a return to service in the country. SpiceJet, the only current Indian operator of MAX aircraft, has so far taken delivery of thirteen -8s, the ch-aviation fleets advanced module shows. It has an additional 129 units on direct order from Boeing and plans to take a total of 155 aircraft, including the thirteen already delivered.

SpiceJet did not divulge the terms of the deal with the United States manufacturer. However, on the same day, sources close to the matter claimed to the Business Standard newspaper that the airline would receive money, maintenance support, and two freighters from Boeing.

At the time of going to press, Boeing had not released a statement of its own related to SpiceJet. However, when ch-aviation asked for comment, Boeing responded: “Please note that while we can confirm that the agreement has been reached, we cannot comment on the content of the agreement.” SpiceJet did not respond to a request for comment.

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PostPosted: Fri Nov 26, 2021 6:19 am    Post subject: Reply with quote

https://www.ch-aviation.com/portal/news/110142-indias-spicejet-to-induct-50-max-by-ye23-eyes-freighters

SpiceJet to induct 50 MAX by YE23, eyes freighters

25.11.2021

As SpiceJet (SG, Delhi Int'l) resumed operations with its B737-8s on November 23, its chairman said the carrier would deploy 50 of the type by the end of 2023 as it phases out its older B737-800s.

“We will induct 50 aircraft during the 2022 and 2023 calendar years, and 15 to 20 of them will be used to replace older aircraft in the fleet,” Ajay Singh said, as quoted by the Economic Times newspaper, adding that the first four of these would be delivered "soon" to begin scheduled flight operations from December 10, 2021.

As the only current Indian operator of MAX aircraft, the low-cost carrier has so far taken delivery of thirteen B737-8s, the ch-aviation fleets advanced module shows. It has an additional 129 units on direct order from Boeing and plans to take 155 aircraft. All of the thirteen already in India "will start flying in the next 15-20 days," Singh added.

Singh confirmed that all compensation issues with Boeing had been settled, reiterating an earlier statement to that effect, but he declined to give any figures.

The chairman also commented that the airline would try to arrange that the aircraft yet to be delivered would be leased via companies based in Gujarat International Finance Tec-City (GIFT City) near Ahmedabad, which the Indian government has been trying to develop into a global leasing hub. Last month, local media reported that six lessors - Acumen Aviation, JetSetGo Aviation, Vman Aviation Services, Wels, Rensar Aviation, and Millennium Aviation - had been given licences to operate at the site, and seven more entities had applied for aircraft leasing licences.

B737-8 VT-MXH (msn 60646) was the first of the B737-8s to be reactivated. After a short test flight from Delhi Int'l to Varanasi on November 20, it has been flying from Delhi to Mumbai Int'l, Bagdogra, and Chennai, ch-aviation analysis of Flightradar24 ADS-B data shows, and on November 23, SpiceJet celebrated the return to service of the MAX with a special flight from New Delhi to Gwalior with Singh on board together with officials such as Minister for Civil Aviation Jyotiraditya Scindia and the president of Boeing India, Salil Gupte, as well as local media.

"After the intense scrutiny this aircraft has gone through, I can say with full confidence that it's the safest aircraft to fly," said Singh.

In related news, as it continues measures to downsize its debt, Spicejet plans to cut liabilities by USD300 million over six months and raise funding from banks and possibly the issue of a warrant, Singh told Bloomberg ahead of the Gwalior flight.

"It will be a much cleaner-looking balance sheet than it was pre-Covid," he said.

SpiceJet is also in talks with Boeing (BOE, Chicago O'Hare) to acquire ten narrowbody and five to ten widebody freighters, he divulged.

"The cargo business is growing very rapidly, and we are looking at all opportunities to raise funds to grow this business quickly, and that includes selling a stake. We expect the valuation will be quite significant."

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