With Boeings, SpiceJet strengthens revival plan

Low crude oil prices were the key to SpiceJet's quick turnaround

In January, SpiceJet made news for what is billed as the largest purchase of aircraft by an Indian airline ever. The low-cost carrier placed an order for 205 Boeings worth a staggering Rs 1.5 lakh crore. The new planes will start to arrive in 2018. 

From near bankruptcy to revival, SpiceJet has managed to pull off one of the most remarkable turnaround stories ever: it has almost zero debt on its books, above 90 per cent occupancy and eight straight quarters of profit to boot.

This is a far cry from the events of 2014 when Spicejet grappled with mounting