SpiceJet Ltd.’s shares were up by 1.64 per cent after the company announced that it is set to acquire a Q400 aircraft from Nordic Aviation Capital as part of a settlement agreement reached last year. The agreement, which settles all past liabilities for the Q400s leased by NAC to SpiceJet, will see the airline take ownership of six Q400s. The airline already owns five Q400 aircraft, which had been previously leased from NAC. The company said the agreement is expected to lead to long-term savings in the absence of monthly rentals for the aircraft.

The sixth Q400 aircraft is en route to Delhi from Germany,, enabling SpiceJet to offer more services during the upcoming summer and other peak travel seasons.

The agreement is among a series of recent settlements by SpiceJet with key aircraft lessors, resulting in savings of ₹1,252 crore for the airline. The settlements include securing full ownership of 13 EDC-financed Q400 aircraft from Export Development Canada (EDC), and resolving liabilities amounting to nearly $91 million. Additionally, SpiceJet finalised agreements with aircraft leasing firms Cross Ocean Partners and AerCap to acquire three Boeing aircraft

The shares were up by 1.64 per cent Rs ₹62.56 at 11 am on the BSE.