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SpiceJet Signs MoU With Avenue Capital Group for the Sale and Leaseback of up to 50 New Aircraft

SpiceJet, India's largest regional carrier, has signed a Memorandum of Understanding with New York-based Avenue Capital Group for financing the acquisition, sale and leaseback of up to 50 new aircraft.

SpiceJet Boeing 737-8 MAX - Courtesy Boeing

On Wednesday (March 31, 2021), India’s SpiceJet, the country’s largest regional airline, announced the signing of a Memorandum of Understanding (MoU) with New York-based Avenue Capital Group (ACG) for the acquisition, financing and leaseback of up to 50 new aircraft. The MoU outlines the next steps and conditions of the transaction as part of ACG’s new strategic alliance with SpiceJet. In Wednesday’s announcement, SpiceJet’s Chairman and Managing Director, Ajay Singh, said,

“We are delighted to enter into this strategic alliance with Avenue Capital Group and we look forward to closely working with them. This alliance will ensure a seamless induction of the planes in our fleet and help us plan better for the long term.”

SpiceJet operates a fleet of Boeing 737s, Bombardier Q-400s (now De Havilland Canada Dash 8-400s) and freighters and is India’s largest regional airline. The carrier operates 63 daily flights under UDAN, the nation’s regional connectivity scheme. Most of SpiceJet’s fleet features their comfortable ‘SpiceMax’ onboard product, offering the most spacious Economy Class seating in India. SpiceJet’s dedicated air cargo service operates under the brand name SpiceXpress and provides seamless cargo connectivity across India and on international routes.

Source: SpiceJet

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