SpiceJet seek funds from Airlines, other parties; to add seven planes by Dec-end: Ajay Singh

Chairman and Managing Director of SpiceJet, Ajay Singh, stated that the company is doing everything possible to work through the stress it has experienced and that the strategy is to raise resources.

SpiceJet is looking for outside investors, including airlines, and plans to add seven more Boeing planes to its fleet, according to the company's CEO, Ajay Singh, on Tuesday.

SpiceJet has recently experienced turbulence, particularly with many of its flights experiencing technical difficulties, and thus, the airline has faced action from aviation regulator DGCA.

SpiceJet Chairman and Managing Director Ajay Singh stated that the company is doing everything possible to work through the stress it has experienced and that the strategy is to raise resources.

"We're doing it through the government-backed scheme ECLGS, getting new aircraft from Boeing and thus through the SLB process, exploring fundraising options... we're looking at everything," he said.

Singh also stated that the airline was considering investments from third parties, including airlines.

Without going into specifics, he stated that the carrier would do everything possible to maintain its position as a strong and vibrant player.

According to Singh, SpiceJet, a publicly traded company, has approved fundraising of Rs 1,500 to Rs 2,000 crores, with some of the funds already raised.

He told reporters on the sidelines of an industry event organised by Assocham that the carrier plans to add at least seven more planes by the end of December. The airline currently operates 60 aircraft.