SpiceJet Chief Ajay Singh on Wednesday said the airline will be raising around USD 250 million in the next couple of months as the budget carrier works on boosting its operations. The airline is tackling multiple headwinds, including lessor and debt woes, with Singh saying the carrier has faced “significant black swan events“.
“It is difficult to kill SpiceJet….and we are trying to fix the problems,” he said and asserted that the airline’s balance sheet will be cleaned up over the next two quarters.
Recently, the airline raised USD 150 million and is looking for more funds.
India’s airline industry is projected to face widening losses of usD 400-600 million in fiscal 2025 due to escalating costs despite increased passenger demand. CAPA India forecasts a rise in yields by 1 percent this year, with overall costs to increase by 3.8 percent. Overall airline costs are expected to rise 3.8 percent in the fiscal year 2025.
The airline plans to raise USD 250 million in the next couple of months and there is a bright enough future, Singh said at the CAPA India Aviation Summit in the national capital. Currently, the carrier has wet leased some aircraft as many of its planes are grounded due to various reasons.
“We will grow our own fleet,” Singh, the Chairman and Managing Director of the airline, said.
Singh also said it is critical that India has aviation hubs and “we need to take every possible step” in this regard.
