SpiceJet is set to acquire a Q400 aircraft from Nordic Aviation Capital (NAC) through a settlement agreement signed last year. This agreement, which settles all past liabilities for the Q400s leased by NAC to SpiceJet, grants the airline full ownership of six Q400s. SpiceJet already possesses five Q400 aircraft previously owned by NAC, with ownership now transferred to SpiceJet. This agreement also brings substantial long-term savings for SpiceJet, freeing the airline from the obligation of regular monthly rentals for these aircraft.
The sixth Q400 aircraft is currently en route to India from Germany and is anticipated to arrive in Delhi shortly. Its timely arrival coincides with the upcoming summer schedule, enabling SpiceJet to provide seamless connectivity and improved services to passengers during peak travel seasons.
SpiceJet recently announced four major settlements with prominent aircraft lessors, resulting in significant savings of INR 1252 Crore for the airline. On March 26, SpiceJet disclosed a notable settlement with Export Development Canada (EDC), securing full ownership of 13 EDC-financed Q400 aircraft. This comprehensive agreement resolved liabilities totaling nearly $91 million, as per SpiceJet’s records, leading to substantial savings of INR 567 crore for the airline.
Apart from the EDC settlement, SpiceJet concluded three other significant agreements, involving aircraft leasing companies Cross Ocean Partners and AerCap. These settlements collectively resulted in savings totaling INR 685 Crore for the airline. Additionally, SpiceJet acquired three Boeing aircraft as part of these agreements.