Values reach an annual $2.6 billion in gross written premiums
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India's SpiceJet (SPJT.NS) said on Thursday that FTAI Aviation (FTAI.O) would lease it up to 20 engines, the first few of which the low-cost carrier would use to reactivate some of its grounded fleet over the next 2-3 months.
The partnership with the US-based engine services provider "will reduce maintenance expense and minimise aircraft downtime, enhancing the airline's overall performance," Spicejet said in a statement.
The Gurugram-based airline said last month it had begun to revive 25 of its grounded fleet using its own money and a $50 million line of credit through an Indian government scheme it secured.
SpiceJet had also said there were no plans to file for insolvency, quelling fears of a spillover after rival Go Airlines (India) filed for voluntary bankruptcy.
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