SpiceJet On Settlement Spree; Resolves Third Dispute Within 10 Days

Indian budget carrier resolves a $49.8 million dispute with Echelon Ireland Madison One
SpiceJet On Settlement Spree; Resolves Third Dispute Within 10 Days

SpiceJet Ltd. said it resolved a $49.8 million dispute with Echelon Ireland Madison One Ltd., the third settlement by the Indian budget carrier in less than 10 days.

The settlement with Echelon will result in savings of $48 million for the company, SpiceJet said in a stock exchange announcement.

As part of the agreement, SpiceJet will acquire two airframes, enhancing the airline's fleet and operational capabilities, it added.

SpiceJet, which recently raised 1,060 crore rupees through a preferential issue to investors, said this settlement marks the third major resolution for the company following the fundraising.

On 28 February, SpiceJet settled its $29.9 million dispute with aircraft lessor Celestial Aviation. On 5 March, the company reached a settlement with aircraft leasing firm Cross Ocean Partners to resolve a dispute of about $11.2 million.

These settlements have resulted in total savings of 685 crore rupees for the airline, further solidifying SpiceJet's financial stability and balance sheet, according to the statement.

Note: $1 = 82.8590 Indian rupees

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