SpiceJet acquires ownership of Q400 aircraft from NAC to enhance money savings

Through the agreement with NAC, SpaceJet has secured ownership of six Q400 aircraft, resulting in monthly rental savings and improved long-term finances. The airline has made substantial savings of Rs 1,252 crore from recent agreements with aircraft lessors.

As per the contract signed last year, SpiceJet is set to take delivery of Q400 aircraft from Nordic Aviation Capital (NAC). The agreement gives the airline full ownership of six Q400s to resolve all prior liabilities for the Q400s leased by NAC to SpiceJet.

NAC already has five Q400 aircraft, which are now with SpiceJet. The company said the agreement not only provides significant savings to SpiceJet in the long run, but also saves the airline from monthly rental costs for these aircraft.

After the news, SpiceJet shares rose 2.7% to Rs 63.19.

The arrival of the Q400 aircraft comes just ahead of the summer schedule, which is the peak travel period.

Recently, SpiceJet has announced four significant deals with major aircraft lessors, which will help the private airline save Rs 1,252 crore.

In March, SpiceJet had signed a contract with Export Development Canada (EDC) to resolve liabilities worth Rs 755 crore. SpiceJet to acquire 13 EDDC-financed A400 aircraft and save Rs 567 crore.

Recently, SpiceJet has settled a dispute of Rs 413 crore with a company named Echelon Ireland Madison One.

On March 5, the airline signed a deal worth Rs 93 crore with aircraft leasing company Cross Ocean Partners. The airline will receive an airframe and engine in the arrangement.

On February 28, SpiceJet announced that it had settled a dispute with Celestial Aviation worth Rs 250 crore.