SpiceJet signs MoU with Avenue Capital to acquire 50 new aircraft

March 31, 2021: SpiceJet has signed a Memorandum of Understanding (MoU) with Avenue Capital Group, New York for the financing, acquisition and sale and lease-back of 50 new planes to be ordered by the airline.

SpiceJet operates a fleet of Boeing 737s, Bombardier Q-400s & freighters and is the country’s largest regional player operating 63 daily flights under UDAN or the Regional Connectivity Scheme. The airline also operates a fleet of 19 cargo planes which includes five wide-body aircraft.

“The MoU sets out the next steps and conditions upon which Avenue will assist with placing of SpiceJet’s new aircraft portfolio including sale and lease-back of and also an assumption of ownership of potentially up to 50 of these aircraft,” said the release.

Ajay Singh, chairman and managing director, SpiceJet, said, “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.”