India's SpiceJet plans to raise $250m, chairman says

Indian low-cost carrier Spicejet plans to raise $250m in the next two months in a new funding round, Chairman Ajay Singh told the CAPA India Aviation Summit on Wednesday. SpiceJet had announced three fundraises in 2023 to help clear unpaid dues and restore its fleet as it looked to return to full capacity and struggled to repay leasing companies. It has raised at least 7.44b rupees ($89.2m) since then, according to an exchange filing from January. The company has reached settlements over the last few months with multiple leasing companies, including AerCap, the world's largest aircraft lessor. Singh did not specify the method of SpiceJet's fundraise or for what it would raise capital. He also called for aviation turbine fuel to be brought under the goods and services tax. "(The government) can't keep taxing aviation as a rich man's product and expect low-cost services," Singh said at the summit. Aviation turbine fuel is currently taxed under the Central Excise Act and accounts for a large swathe of airlines' costs.<br/>