SpiceJet’s shares rise after resolving $49.8 million dispute with Echelon Ireland Madison One

SpiceJet has resolved the $49.8 million (₹413 crore) dispute with Echelon Ireland Madison One Ltd, the company said in a regulatory filing. It is stated that the settlement with Echelon Ireland Madison One Ltd will result in savings of $48 million (₹398 crore) for SpiceJet.

As part of the agreement, SpiceJet will acquire two airframes.

Commenting on the development, Ajay Singh, Chairman and Managing Director of SpiceJet, said, “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.”

On February 28, SpiceJet announced that it had mutually settled its $29.9 million (₹250 crore) dispute with Celestial Aviation. On March 5, SpiceJet reached settlement terms with aircraft leasing firm, Cross Ocean Partners, resolving a dispute of about $11.2 million (₹93 crore).

SpiceJet stock traded at ₹64.20 on the BSE, higher by 3.68 per cent as of 11.27 am.