SpiceJet has signed a Memorandum of Understanding (MoU) with Avenue Capital Group, New York for a strategic alliance in respect of the financing, acquisition and sale and lease‐back of 50 new planes to be ordered by the airline.
The MoU sets out the next steps and conditions upon which Avenue, as part of the strategic alliance with SpiceJet, will assist with placing of SpiceJet's new aircraft portfolio including sale and lease‐back of and also assumption of ownership of potentially up to 50 of these aircraft.
Avenue Capital Group are specialists in the field of aircraft leasing and have identified the new planes to be ordered by SpiceJet as a unique opportunity for investment.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, this alliance will ensure a seamless induction of the planes in our fleet and help us plan better for the long term.
The announcement was made before market hours today, 31 March 2021. Shares of SpiceJet fell 1.3% to settle at Rs 68.35 yesterday.
SpiceJet is India's low cost airline that 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.
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