SpiceJet's Ajay Singh bids for GoFirst

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₹100 crore per year. The lay-offs have already begun and the exercise is expected to be completed by March. "As part of our turnaround and cost-cutting strategy, following the recent fund infusion, SpiceJet has initiated several measures, including manpower rationalization, aimed at achieving profitable growth and positioning ourselves to capitalize on the opportunities in the Indian aviation industry," a SpiceJet spokesperson had said on the lay-offs.

The airline, which used to operate a fleet of over 120 aircraft pre-pandemic, now operates around 41 aircraft which includes 10 leased aircraft on wet lease. SpiceJet, which has been witnessing financial headwinds since 2020, recently completed a capital infusion aggregating to ₹744 crore by allotted shares and warrants on a preferential basis. The airline is due to complete another tranche of capital infusion via equity and warrants from remaining subscribers.

“SpiceJet is currently in the midst of a revival plan... The company has also initiated the process to raise an additional ₹1,000 crore. SpiceJet already holds valid shareholder approval to raise up to ₹2500 crore through qualified institutional placement, eliminating the need for further shareholder approval," the airline said in a statement.

The airline expects to leverage its established infrastructure and operational capabilities, optimize resource allocation and achieve cost efficiencies across various functions, including maintenance, ground handling, and engineering. It is also optimistic on setting up coordinated route planning initiatives to enhance passenger traffic and drive ticket sales for both airlines. By strategically aligning their flight schedules and destinations, SpiceJet and the new airline can