SpiceJet partners with FTAI Aviation to recover fleet

India's SpiceJet said on Thursday (June 8) that FTAI Aviation 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 U.S.-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.

-B