SpiceJet Ltd.’s shares were up by 6.75% after the company announced that it was solidifying lease agreements for ten aircraft, positioning itself for an expansion. The airline said that the acquisition of these additional aircraft will empower SpiceJet to effectively address the escalating demand for air travel, particularly during the summer months.

In recent developments, SpiceJet also settled with aircraft lessors, culminating in savings of Rs 685 Crore for the airline. On March 7, SpiceJet announced the resolution of a $49.8 million (₹413 crore) dispute with Echelon Ireland Madison One Ltd., resulting in savings of $48 million (Rs 398 crore) and the acquisition of two airframes.

Moreover, SpiceJet resolved an $11.2 million (₹93 crore) dispute with aircraft leasing firm Cross Ocean Partners, entailing the transfer of an airframe and an engine to the airline.

The shares were up by 6.75% to ₹53.77 at 12.35 pm on the BSE.