SpiceJet on Thursday said it has settled a $90.8 million dispute with Export Development Canada for a total consideration of $22.5 million, leading to the airline taking ownership of 13 Q400 planes.
Photograph: Amit Dave/Reuters
This resolution will result in savings of $68.3 million (Rs 574 crore), it said.
The crisis-hit airline, which recently raised Rs 3,000 crore, has also acquired the full ownership of 13 EDC-financed Q400 aircraft and the development will help in reducing operational costs.
In a release, the carrier said it has “fully settled a $90.8 million (Rs 763 crore) dispute with Export Development Canada (EDC) for a total of $22.5 million”.
Ajay Singh, chairman and managing director of SpiceJet, said the resolution allows the airline to move forward with a strengthened balance sheet and focus on getting Q400 aircraft back into service as quickly as possible.
Details about the airline’s operational fleet could not be immediately ascertained.
