Despite the gloomy mood of the market, the stock of domestic airlines SpiceJet is witnessing a great rise in the trading session of Thursday, november 14. The reason for this is that the company has resolved the dispute of Rs 763 crore with Export Development canada and due to this settlement, the airline has saved Rs 574 crore. Due to this news, SpiceJet's stock has jumped by 5.41 percent and the share has reached Rs 56.70.
In a regulatory filing filed with the stock exchange, SpiceJet said that the airline has settled the dispute of Rs 763 crore or $ 90.9 million with Export Development canada for $ 22.5 million. The airline said that this resolution is a big achievement for SpiceJet. Due to this settlement, the airline has saved Rs 574 crore or $ 68.3 million. SpiceJet said that the airline has paid the full amount of $ 22.5 million.
As per the terms of agreement, SpiceJet has received the ownership of 13 Q400 aircraft financed by Export Development Canada. Transfer of ownership of these 13 aircraft will reduce SpiceJet's operational cost significantly. This will provide financial benefit to the airline in the long term and will also bring financial stability. Due to the 13 Q400 aircraft, SpiceJet will be able to start additional flights on regional and UDAN routes. On this settlement, SpiceJet Chairman and MD ajay Singh said, we are happy to close this agreement with EDC by paying the full amount.
According to the airline, from october 27, 2024, SpiceJet has started flights to Delhi-Amritsar-Delhi, Guwahati-Patna-Guwahati, Kolkata-Patna-Kolkata, Delhi-Patna-Delhi, and Delhi-Darbhanga-Delhi via Q400 aircraft. Apart from this, the airline has also started flights to Shivmoga-Hyderabad, Chennai-Kochi sectors. Apart from this, the target is to start 18 flights in phases.
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