SpiceJet likely to place order for new aircrafts this fiscal

The Dollar Business Bureau 

Optimistic about the growth prospects, low-cost airline SpiceJet said on Friday that it expects to conclude negotiations and put orders for new aircrafts in the current fiscal year ending in March. 

The budget carrier, which has been in profit for seven quarters in a row after battling financial instability, is expected to be looking for about 100 aircrafts. 

“For quite some time, the discussions are going on. We are expecting to complete the negotiations and would place an order this fiscal,” said a SpiceJet spokesperson in a statement. 

However, he did not disclose the details about the type or number of aircrafts that are expected to be ordered. 

Presently, the airline has a fleet of 47 aircrafts, which consists of 18 Bombardier Q400s and 29 Boeing 737s. 

Last year, in October, SpiceJet’s MD Ajay Singh had stated that the airline would not hurry to make a decision when placing order for new aircrafts and stressed that this has to be done at the right price. 

“We are going to finalise in a month. It will be either Boeing or Airbus. We will not be rushed into a decision. It will not be a mix of both. It has to be done at right price. So, we have to be very careful. We have closed many issues related to aircraft purchase. It could be more than 100 aircraft,” he had said. 

Earlier, in March 2014, the airline had announced about placing an order of 42 Boeing 737 MAX 8 aircrafts under the former promoter Kalanithi Maran - who in January 2015 sold their complete stake of 58.46% in the airline to Singh. 

For the quarter July-September 2016, SpiceJet had recorded its highest-ever quarterly profit of Rs.59 crore. In the corresponding period a year-ago, the profit stood at Rs.29 crore.