SpiceJet settles dispute with Echelon Ireland Madison One worth Rs 413 crore
THE JHARKHAND STORY DESK Advertisement New Delhi, March 7: In less than two weeks, SpiceJet has announced the settlement of three…
THE JHARKHAND STORY DESK
New Delhi, March 7: In less than two weeks, SpiceJet has announced the settlement of three disputes, the most recent being the Rs 413 crore dispute with aircraft leasing company Echelon Ireland Madison One Limited.
As per the airline’s statement, the most recent settlement will lead to savings of USD 48 million (around Rs 398 crore).
SpiceJet will acquire two airframes as part of the settlement of the Rs 413-crore dispute.
Three dispute settlements save Rs 685 crore
Through the three dispute settlements, the airline, which is currently raising money and facing numerous obstacles, is getting a total of three airframes. The airframes are from Boeing 737 NG models. An aircraft without engines is generally referred to as an airframe.
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“These successful settlements have resulted in total savings of Rs 685 crore for the airline,” the airline said.
On March 5, the airline disclosed an agreement reached with aircraft leasing company Cross Ocean Partners to resolve a dispute involving approximately USD 11.2 million (Rs 93 crore). An engine and an airframe will be given to the airline as part of the agreement.
Previously, on February 28, SpiceJet announced the resolution of a dispute with Celestial Aviation totalling USD 29.9 million (Rs 250 crore).
In the initial hours of trade on the BSE on Thursday, the airline’s shares surged 3.52% to Rs 64.10 per share.
