SpiceJet plans a turnaround, but faces a challenge
In its bid to revive the ailing airline and its grounded fleet, SpiceJet will spend half of the ₹3,000 crore raised last September in paying off dues owed to lessors and vendors, and another ₹800 crore for making its planes airworthy. In September 2024, the airline successfully raised ₹3,000 crore through Qualified Institutional Placement, which attracted top-tier institutional investors and mutual funds including Goldman Sachs, Morgan Stanley Asia, BNP Paribas Financial Markets ODI, among others. Turnaround time for engines sent for shop visits for scheduled maintenance have also increased by 30% to 150% for various reasons, including due to more frequent maintenance as new engine technology such as those in the Leap 1B engines used for Boeing 737 MAX aircraft takes time to mature. The airline has tied up with U.S.-based engine maintenance, repair and overhaul organisation StandardAero Inc., for restoring SpiceJet’s grounded Boeing 737-8 Max fleet.
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