SpiceJet to partner with FTAI Aviation for fleet revitalisation
SpiceJet has partnered with FTAI Aviation to lease up to 20 engines and provide maintenance services, in a bid to decrease maintenance costs and improve overall performance.
PremiumSpiceJet will partner with FTAI Aviation Ltd. (Nasdaq: FTAI), a leading aftermarket provider of engine services, on a CFM56 revitalization program.
As per an official release, FTAI plans to lease up to twenty engines to SpiceJet and provide maintenance services as well. This initiative aims to decrease maintenance costs, minimize aircraft downtime, and improve the airline's overall performance.
The partnership with the US-based engine services provider "will reduce maintenance expense and minimise aircraft downtime, enhancing the airline's overall performance," Spicejet said in a statement.
Ajay Singh, Chairman and Managing Director, SpiceJet said “SpiceJet is slowly but surely progressing towards its goal of restoring its fleet and ensuring that our aircraft stay where they rightly belong to i.e. in the skies serving our passengers. Our partnership with FTAI Aviation is a step forward in that direction that would ensure that our fleet is up and running at all times without us worrying about engines or their maintenance."
Earlier in May, Budget carrier SpiceJet announced that it has initiated the process of reviving its grounded fleet with the $50 million funds received by the company from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals.
Earlier, SpiceJet had announced plans to revive 25 grounded aircraft that will help it capitalise and make the most of the upcoming peak travel season.
Lender Credit Suisse moved the Supreme Court on 21 April, filing a contempt petition against SpiceJet over allegations that the airline had failed to pay dues that were part of a settlement. SpiceJet had claimed that the settlement amount is subject to the Reserve Bank of India‘s approval, and the airline could not begin payments as per the schedule. It had told the court that it made the April payment on schedule, and the payment for May will also be made as per schedule.
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