SpiceJet MD said the alliance would ensure the inclusion of aircraft in our vessels and help us plan better in the long run as Avenue Capital focuses on the aviation industry.
Homeowner SpiceJet has signed a Memorandum of Understanding (MoU) with New York’s Avenue Capital Group to finance, buy and sell and recoup 50 new aircraft.
The MoU sets out the following terms and conditions under which Avenue, as part of the agreement, will assist in setting up a new SpiceJet aviation portfolio. Includes sale and refund as well as ownership of up to 50 aircraft.
Avenue Capital Group focuses on the aviation industry and identifies new aircraft to be ordered by SpiceJet as a unique investment opportunity.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “We are delighted to be part of this strategic partnership with Avenue Capital Group and look forward to working with them.”
In addition, the no-frills manager said he would add 66 new flights, including additional services on certain routes, to the home network from this week.
The new aircraft, to be used with the Boeing 737s and the Bombardier Q400s regional jet, are intended to increase connectivity between major cities and non-municipal roads as part of an improved network.