SpiceJet inks Rs 400-cr settlement with Echelon Ireland Madison One, shares up 4%

Low- cost carrier SpiceJet has announced a successful resolution a Rs 413 crore dispute with Echelon Ireland Madison One.

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SpiceJet shares surged 4 percent as the beleaguered airline operator announced the resolution of a Rs 413-crore dispute.

SpiceJet resolved a dispute with Echelon Ireland Madison One and the settlement will result in savings of $48 million or Rs 398 crore for SpiceJet. As part of the agreement, SpiceJet will acquire two airframes, “enhancing the airline’s fleet and operational capabilities”, it said.

Notably, this settlement marks the third major resolution for the carrier following its recent fundraising. These successful settlements have resulted in total savings of Rs 685 crore for the airline.

At 11.10am, SpiceJet shares were quoting Rs 64.55, higher by 4.25 percent on the BSE, compared to the previous session’s closing price.

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“We are pleased to announce the successful resolution of our dispute with Echelon Ireland Madison One Ltd, marking another significant milestone for SpiceJet. This settlement not only underscores our commitment to financial prudence but also enables us to further fortify our fleet with the acquisition of two airframes,” Ajay Singh, chairman and managing director of SpiceJet, said.

On February 28, SpiceJet announced that it had mutually settled its $29.9-million or Rs 250-crore dispute with Celestial Aviation resulting in savings of Rs 235 crore.

On March 5, the airline announced it had reached a settlement with aircraft leasing firm Cross Ocean Partners for a dispute of about $11.2 million or Rs 93 crore. As part of the arrangement, the airline will also benefit from the transfer of an airframe and an engine at no additional cost, augmenting its operational capabilities.

Over the past six months, shares of the airline operator have risen around 60 percent. In comparison, the benchmark Nifty 50 has gained around 14 percent during the same period.

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