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SpiceJet to use fresh funds to cut liability, expand network
Mint Mumbai
|January 11, 2024
SpiceJet's net liabilities stood at ₹12,584.9 crore as of September 2023, lower than ₹13,147.3 crore in June 2023
SpiceJet aims to use a sum of ₹2,250 crore that it is raising to reduce debt accumulated during the pandemic, pay off statutory liabilities, and expand its services to new destinations, chairman and managing director Ajay Singh said on Wednesday.
The low-cost carrier has gone through a difficult phase, and is now on a path to recovery, Singh said at the company's 39th annual general meeting via videoconferencing.
"We will launch flights to Ayodhya soon. We also have routes to Lakshadweep under Ude Desh ka Aam Naagrik scheme, we will start flights for Lakshadweep as well," Singh said, and added that the tourism sector was growing in India, and SpiceJet aimed to ride that growth.
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