SpiceJet Raises ₹3,000 Crore for Fleet Expansion

SpiceJet has successfully raised ₹3,000 crore through a Qualified Institutional Placement (QIP), providing the airline with much-needed financial relief amid ongoing struggles. The funds will be utilized to clear employee dues, revive grounded aircraft, and expand operations, with a goal of operating 100 aircraft by 2026. The QIP attracted investments from notable global firms, enhancing investor confidence in the airline's recovery prospects. Despite this financial boost, SpiceJet faces significant challenges, including legal disputes with lessors over unpaid dues and a history of delayed employee salaries and contributions. Chairman Ajay Singh underscored the importance of maintaining competitiveness in India's aviation market, which is seeing a potential duopoly. Singh's ownership stake has been diluted to 35% post-fundraising, but he remains optimistic about the airline's future trajectory.