SpiceJet has announced the clearance of all its pending employee provident fund (PF) dues amounting to ₹160.07 crore. This significant development is part of the airline’s comprehensive financial turnaround strategy and underscores its commitment to employee welfare and financial accountability.
Since raising ₹3,000 crore through a Qualified Institutional Placement (QIP) three months ago, SpiceJet has utilized the proceeds to address its statutory liabilities, including Goods and Services Tax (GST), Tax Deducted at Source (TDS), and employee dues. These measures have significantly strengthened the airline’s balance sheet, enabling substantial savings on interest costs.
Ajay Singh, Chairman and Managing Director of SpiceJet, expressed his satisfaction over the milestone, stating, “Clearing all pending statutory dues marks a new chapter in our journey. This demonstrates our commitment to operational excellence, financial prudence, and employee welfare. With the successful implementation of our turnaround strategy, we are confident in achieving sustainable growth.”
Beyond meeting its statutory obligations, SpiceJet has also resolved several outstanding disputes with aircraft lessors and creditors. These efforts have bolstered the airline’s financial stability, enabling it to focus on delivering superior service to its customers.
The airline’s operational resilience has been recognized by Acuité Ratings & Research Limited, which recently upgraded SpiceJet’s credit rating by four notches, further validating its robust recovery trajectory.
About SpiceJet
SpiceJet is India’s leading affordable airline, offering a fleet of Boeing 737s and Q-400s. The airline is a major player in the UDAN (Regional Connectivity Scheme), providing cost-effective travel solutions across India. SpiceJet’s fleet features SpiceMax, offering the most spacious economy-class seating in the country.
