SpiceJet will partner with FTAI Aviation Ltd. (Nasdaq: FTAI), a leading aftermarket provider of engine services, on a CFM56 revitalization program.
Under this program, FTAI Aviation Ltd. (Nasdaq: FTAI) will provide SpiceJet with up to twenty (20) engines for lease, inclusive of maintenance services. By leveraging FTAI Aviation's engine expertise, SpiceJet will have access to a pipeline of available engines which eliminates the need for frequent shop visits. The revitalization program will reduce maintenance expense and minimize aircraft downtime, enhancing the airline's overall performance.
This program will further emphasize on SpiceJet's commitment to cost efficiency and operational excellence. The first engines will be used to support the re-activation of SpiceJet's aircraft fleet over the next 2-3 months and will be critical for service on new routes. With FTAI Aviation managing the engines, SpiceJet will strengthen its resource allocation and focus on delivering an exceptional travel experience while maximizing their operational potential.
SpiceJet through the CFM56 Revitalization program, aims to demonstrate its creativity and dedication to advancing the future of low-cost air travel and the aviation industry in India.
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. Quick and ready replacements will ensure that our planes are on the ground for minimal time."
Shares of SPICEJET LTD was last trading in BSE at Rs. 26.76 as compared to the previous close of Rs. 26.44. The total number of shares traded during the day was 1146819 in over 3670 trades.
The stock hit an intraday high of Rs. 26.83 and intraday low of 26.45. The net turnover during the day was Rs. 30538740.00.