SpiceJet settles dispute with Canada's EDC; takes ownership of 13 Q400 planes

New Delhi: SpiceJet on Thursday said it has settled a USD 90.8 million dispute with Export Development Canada for a total consideration of USD 22.5 million, leading to the airline taking ownership of 13 Q400 planes.

This resolution will result in savings of USD 68.3 million (Rs 574 crore), it said.

The crisis-hit airline, which recently raised Rs 3,000 crore, has also acquired the full ownership of 13 EDC-financed Q400 aircraft and the development will help in reducing operational costs.

In a release, the carrier said it has "fully settled a USD 90.8 million (Rs 763 crore) dispute with Export Development Canada (EDC) for a total of USD 22.5 million".

Ajay Singh, Chairman and Managing Director of SpiceJet, said the resolution allows the airline to move forward with a strengthened balance sheet and focus on getting Q400 aircraft back into service as quickly as possible.

Details about the airline's operational fleet could not be immediately ascertained.