SpiceJet to bring back grounded planes, chairman tells employees on its 18th anniversary
May 23, 2023
New Delhi [India], May 23 : SpiceJet has initiated the process of reviving its grounded planes with the USD 50 million funds received from the ECLGS scheme and from its internal cash accruals, chairman Ajay Singh told employees on the occasion of the airline's 18th anniversary, adding that the carrier will soon launch new flights on new and exciting routes.
The Emergency Credit Line Guarantee Scheme (ECLGS) was launched in May 2020 as part of Aatmanirbhar Bharat Abhiyaan to support eligible Micro, Small and Medium Enterprises (MSMEs) and business enterprises in meeting their operational liabilities and restarting their businesses in the context of the disruption caused by the COVID-19 pandemic. This scheme covers all sectors of the economy.
As part of its overall growth strategy, a restructuring exercise is currently underway to further reduce the liability which will allow it to pursue its growth targets.
SpiceJet was launched in May 2005.
Singh urged the employees to remain committed to maintaining the highest standards of services as it looks forward to more exciting years ahead.
In the letter, Singh termed the recent hive-off of SpiceXpress into a separate entity as a defining milestone in its journey.
"There is large investor interest in our logistics business. Leading UK-based international conglomerate SRAM and MRAM Group have already committed a USD 100 million investment in SpiceXpress. Both SpiceJet and SpiceXpress have great potential and will complement each other well," Singh told employees.
SpiceJet operates about 250 daily flights to 48 destinations within India and to international destinations. Its fleet is a mix of aircraft including Boeing 737 Max, Boeing 700 and Q400s.
