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Low-cost carrier SpiceJet said on Monday it had signed a $1.1 billion deal for sale and lease back agreement, covering 16 brand-new Boeing aircraft.
The agreement was signed between the airlines and Babcock & Brown Aircraft Management along with its long-term strategic partner Nomura Babcock & Brown Co. Ltd, covering 16 brand-new Boeing 737-800/-900ER aircraft valued at over $1.1 billion based on the manufacturers list prices, SpiceJet said in a statement.
SpiceJet Chairman Siddhanta Sharma said the newly-acquired capacity will go a long way in augmenting the airline's network in the country.
Commenting on the deal, Steve Zissis, President of BBAM said the introduction of these aircraft, along with SpiceJets low-cost business model will further improve its dominance in the Indian market.
Earlier in the year, SpiceJet completed a similar financing with BBAM for its first four B737-800 aircraft deliveries.
SpiceJet has now completed the financing of its first 20 aircraft orders for Boeing 737-800/-900ER aircraft.