SpiceJet seals deal for over 100 aircrafts at $12 billion

Source : ANI
Last Updated: Mon, Oct 17, 2016 11:50 hrs
A SpiceJet passenger aircraft takes off from Sardar Vallabhbhai Patel international airport in Ahmedabad

Indian budget carrier SpiceJet has finally sealed the deal for over 100 aircrafts valued at around USD 12 billion (over Rs 80,000 crore) by next month.

Speaking to reporters at the Young FICCI Ladies Organisation (YLFO) SpiceJet's chairman and managing director Ajay Singh said, "We are going to finalize the deal in a month or so."

The low-cost carrier would also buy five aircrafts from Boeing and lease three aircraft from Bombardier this fiscal to increase daily flights and enter into newer international destinations.

"We have significant financial resources to fund the purchase of the aircrafts as we have been profitable for the past few quarters and also have significant ability to use the (credit) limits from banks," added Singh.

SpiceJet plans to tap two to three international destinations in the four to five hour haul from the current presence in six countries including Dubai, Bangkok, Colombo and Maldives.

With a growing fleet of aircrafts which stands at 43 currently, the low cost airlines will also be hiring nearly 600 pilots taking the total to 1,000 in the coming few years.

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