SpiceJet is looking to raise another $250 million by August, and plans to increase capacity through lease of aircraft, chairman of low-cost carrier Ajay Singh said on June 5.
Over the next two quarters, the airline plans to "clean up its balance sheets", Singh said, while speaking at the CAPA India Aviation Summit.
Recently, the airline raised $150 million and is looking for more funds.
On the less-than-expected electoral mandate for the BJP-led National Democratic Alliance, SpiceJet's Ajay Singh said that he hopes the new government "will not be as bureaucratic, and will allow expansion of the aviation ecosystem".
The airline promoter has been in discussions with a clutch of global private credit funds for funding.
Singh added that governments can't be "taxing India's aviation as a rich man's product and expect lower airfares" for the common man at the same time. The upcoming government needs to assure that aviation hubs are developed in India, Singh said.
The competition in the domestic aviation market looks healthy at the moment, Singh said, adding that airlines are now looking at profitability, rather than market share. Yields in domestic aviation are currently the highest they have ever been and are unlikely to fall in FY25 either, Singh told CAPA India's Aviation Summit 2024.
He further said that SpiceJet aims to operate 100 aircraft in India soon and is planning to add aircraft through a combination of wet lease, dry leases and new aircraft deliveries.
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.
"It's very difficult to kill SpiceJet, it's time to grow again", Singh told delegates at the aviation conference.
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