SpiceJet Expands Flight Operations to Include Bangladesh and Myanmar Destinations

SpiceJet, the budget airline, has announced its plans to commence flights from the North East to Bangladesh and Myanmar by the end of June. Additionally, the airline aims to bring four grounded planes, including two Boeing 737 aircraft, back into service by June 15. As the airline celebrated its 18th anniversary of operations on Tuesday, it acknowledged the financial challenges it faces and has initiated a “restructuring exercise” to further reduce its liabilities.

According to a statement released by SpiceJet, the carrier will soon initiate two international UDAN flights on the Agartala-Chattogram-Agartala and Imphal-Mandalay-Imphal routes by the end of June.

UDAN

“The airline also intends to introduce a new UDAN flight on the Kolkata-Tezpur-Kolkata route and resume UDAN flights on the Kolkata-Gwalior-Kolkata and Jammu-Gwalior-Jammu routes. Furthermore, SpiceJet plans to initiate flights on the Kolkata-Agartala-Kolkata and Kolkata-Imphal-Kolkata routes, and resume operations on the Kolkata-Chattogram-Kolkata route,” the statement explained.

UDAN (Ude Desh Ka Aam Naagrik), the Indian government’s regional air connectivity scheme, aims to enhance the affordability of air travel for the general public.

Simultaneously, the airline is actively working on reintegrating 25 of its grounded aircraft into active service.

According to the statement, the airline has set a target to bring back four of its grounded aircraft by June 15, consisting of two Boeing 737s and two Q400s. Subsequently, more planes will be operational in the following weeks.

In a communication addressed to the staff, Ajay Singh, Chairman, and Managing Director of SpiceJet, mentioned that the company is currently undertaking a restructuring initiative to further reduce its liabilities. This exercise is in line with the airline’s overall growth strategy and will enable them to pursue their growth targets with increased efficiency and focus.

SpiceJet

The airline recently spun off its logistics business, SpiceXpress, into a separate entity. Singh mentioned that there is significant investor interest in our logistics business.

SpiceXpress has secured a commitment of USD 100 million investment from UK-based group SRAM & MRAM Group.

Singh emphasized the company’s relentless determination, stating, “It is part of our DNA to never give up. In the most challenging times, SpiceJet has consistently surprised the world with its resilience and courage, and we will continue to do so.”

On May 11, SpiceJet announced that it has no intention of filing for insolvency proceedings. Additionally, they have commenced the process of revitalizing their grounded fleet with a budget of USD 50 million. This statement was made in response to a lessor’s insolvency resolution plea against the airline and the voluntary insolvency resolution proceedings initiated by crisis-hit rival Go First, which were approved by the National Company Law Tribunal (NCLT).

SpiceJet’s inaugural commercial flight took place on May 23, 2005, flying from Delhi to Ahmedabad.

To commemorate its 18th anniversary, SpiceJet has launched a special sale featuring one-way domestic fares starting at Rs 1,818 for select routes. This offer is valid for bookings made between May 23 and 28, with travel available from July 1 to March 30, 2024.

Shares of SpiceJet experienced a sharp decline of nearly 14 percent, closing at Rs 24.16 per share on the BSE on Tuesday.

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