SpiceJet plans to raise Rs 2,000 crore by August, increase capacity: Singh

SpiceJet is looking to raise Rs 2,000 crore by August, and plans to expand capacity by leasing aircraft, said Ajay Singh, chairman. The budget carrier had earlier raised `1,060 crore as part of a total fundraising plan of Rs 2,250 crore. However, it could not complete the fundraising plan as Mumbai-based businessman Harihara Mahapatra and his wife, Preeti Mahapatra, who were to invest Rs 1,100 crore, along with 63 other investors, pulled out.

“We had one round of fundraise 2-3 months ago. We will have another round in the next couple of months. That will set us on the path of growth. We have got $150 million. We are going to raise another $250 million. We expect to do it by mid-August,” Singh said at the CAPA India Aviation Summit.

He said the airline expects to “clean its balance sheet” in the next two quarters. “It is very difficult to kill SpiceJet. We have a tendency to survive. Now, we are trying to grow again,” he said.


SpiceJet has been struggling financially and has been dragged to court by multiple aircraft and engine lessors for non-payment of lease rentals. With lessors taking repossession of many planes and with several others staying grounded due to engine issues, its fleet strength reduced to around 25 operating planes from almost 90 planes before the pandemic.

The airline had reached out to multiple lessors to recast their debt into equity.

However, so far, only Carlyle Aviation Partners, which had the biggest exposure, has agreed to take a 5.91% stake in SpiceJet against lease arrears.