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SpiceJet Inks MoU With Avenue Capital For Aircraft Financing

Avenue Capital Group are specialists in the field of aircraft leasing and have identified the new planes to be ordered by SpiceJet as a unique opportunity for investment

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Low-cost carrier and country's largest regional player, SpiceJet said it 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. The MoU sets out the next steps and conditions upon which Avenue, as part of the strategic alliance with SpiceJet, will assist with placing SpiceJet’s new aircraft portfolio including sale and lease-back of and also the assumption of ownership of potentially up to 50 of these aircraft, the company said in a statement.

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.”

Earlier this month Spicejet had announced the launch of 66 new domestic flights to augment connectivity between metro and non-metro cities as part of its enhanced network. The new flights have commenced operations effective 28th March, 2021.

In a statement, SpiceJet had said that it was the first Indian airline to introduce daily direct flights on the Pune–Darbhanga, Pune-Durgapur, Pune-Gwalior, Pune-Jabalpur, Pune-Varanasi, Kolkata–Darbhanga, Chennai–Jharsuguda and Nashik-Kolkata sectors. After connecting Nashik with Delhi, Hyderabad and Bengaluru, SpiceJet will now connect the city with Kolkata as well. The airline will also be the first to connect Pune with Darbhanga, Durgapur, Gwalior, Jabalpur and Varanasi. The airline also stated that it would launch multiple new flights connecting Srinagar, one of the most popular tourist destinations, with key cities with flights on Ahmedabad-Srinagar-Ahmedabad, Bengaluru-Srinagar-Bengaluru, and Kolkata-Srinagar-Kolkata sectors. 

Shilpa Bhatia, Chief Commercial Officer, SpiceJet had said, “We are delighted to further expand our domestic operations and add 66 new flights to our network for the start of this summer schedule. As the country’s largest regional operator, the new flights further reiterate our commitment towards enhancing regional connectivity, besides offering unique connections to many leisure destinations. We are committed to provide all our valued travelers easy, safe and secure travel to their favourite destinations.”

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spicejet spicejet airlines Avenue Capital