SpiceJet airline signed a memorandum of understanding with New York-based Avenue Capital Group for financing, acquisition and sale and lease‐back of up to 50 aircraft.

The memorandum of understanding signed between the two partners sets out the next steps and conditions under which Avenue will assist with placing of SpiceJet’s new aircraft portfolio, including sale and leaseback of up to 50 planes.

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

Flights Operations

Gurugram-based SpiceJet currently operates a fleet of Boeing 737s, Bombardier Q-400s and freighters.

The new flights, which will be operated with Boeing 737s and regional jet Bombardier Q400s, are aimed at augmenting connectivity between metro and non-metro cities as part of its enhanced network.

Similar events in past

The low cost carrier had ordered up to 205 Boeing 737 Max and had taken on SLB 13 of these planes by the time they were grounded globally in March 2019.

Comment from Managing Director

Ajay Singh, “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.”

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