Budget airline SpiceJet on Friday announced that it has cleared all its Goods and Services Tax (GST) dues, demonstrating its commitment to maintaining financial discipline and regulatory compliance.
“We are proud to have cleared all GST dues, a significant step towards reinforcing our commitment to financial discipline and regulatory compliance. These developments reflect our commitment to providing exceptional service to our passengers while positioning ourselves strategically for the future,” said Ajay Singh, Chairman & Managing Director of SpiceJet.
The payment of GST dues follows SpiceJet’s recent successful Qualified Institutional Placement (QIP), which raised Rs 3000 crore. The QIP attracted a diverse range of top-tier institutional investors and funds, including marquee names such as Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd.
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“The fresh capital raised will be instrumental in ungrounding SpiceJet’s fleet, acquiring new aircraft, investing in technology, and expanding into new markets,” the airline had said in a statement on July 23. “We aim to restore our reputation for efficiency and reliability, offering passengers improved connectivity and a wider range of travel options,” it added.
On September 24, SpiceJet had also announced that it had resolved its dispute with Engine Lease Finance Corporation (ELFC) through an amicable settlement. ELFC had previously claimed $16.7 million, and the settlement has been reached for an undisclosed amount, which is lower than the initial claim. This resolution marks another significant step towards strengthening SpiceJet’s financial health.
From: financialexpress
Financial News
