SpiceJet has reached a significant settlement with Export Development Canada (EDC), paying $22.5 million to resolve a long-standing $90.8 million dispute. This agreement saves the airline $68.3 million and allows it to take full ownership of 13 Q400 aircraft financed by EDC.
In what is considered one of the largest settlements in SpiceJet’s history, the airline will save approximately ₹574 crore, strengthening its financial position. SpiceJet Chairman and Managing Director Ajay Singh expressed satisfaction with the settlement, highlighting the positive impact on the airline’s balance sheet.
“This resolution allows us to move forward with a strengthened balance sheet and focus on getting our Q400 aircraft back into service as quickly as possible,” Singh stated. “We are excited to expand our regional operations and enhance connectivity across key routes, including those under the UDAN scheme, with our revitalized fleet.”
This development marks a crucial step for SpiceJet as it looks to expand its regional presence and improve connectivity across India.
