Low-cost carrier SpiceJet said on Thursday that it has resolved a Rs 413 crore dispute with Echelon Ireland Madison One Ltd. The airline noted that the settlement will result in savings of Rs 398 crore.
SpiceJet CMD Ajay Singh, said, “We are pleased to announce the successful resolution of our dispute with Echelon Ireland Madison One Ltd., marking another significant milestone for SpiceJet.”
“This settlement not only underscores our commitment to financial prudence but also enables us to further fortify our fleet with the acquisition of two airframes,” he added.
It may be noted that this is the third major settlement by the airline after its recent fundraising, resulting in total savings of Rs 685 crore for the airline, and the addition of three airframes and engine to its fleet, said SpiceJet in a press release.
On February 28, SpiceJet declared the mutual settlement of its Rs 250 crore dispute with Celestial Aviation, leading to savings of Rs 235 crore.
Later, on March 5, SpiceJet announced reaching settlement terms with aircraft leasing firm, Cross Ocean Partners, settling a dispute of approximately Rs 93 crore. As part of the agreement, the airline will receive an airframe and an engine at no extra cost, boosting its operational capabilities.
Following today’s announcement, SpiceJet shares were up 2.97 per cent to Rs 63.76 on the Bombay Stock Exchange (BSE).
Source Agencies
