SpiceJet, India's most preferred airline has sought the Reserve Bank of India's nod to raise $270 million from Canada's export finance agency Export Development Canada (EDC) for investing in fleet expansion. It is reported that the company got the clearance to raise $270 million from EDC, which is the equivalent of US Exim Bank, and RBI approvals are likely to come soon.
The company plans to add 15 Canadian-manufactured Bombardier Q400 short-haul aircraft from July to connect more cities. Currently it uses 29 Boeing B737 aircraft for 192 daily flights to 23 cities. The carrier will do an 'outright purchase' of the aircraft and funding for 15 planes has already been tied up.
Recently, in order to strengthen its presence in domestic markets, SpiceJet, with over 13% market share, delivering the lowest air fares with the highest consumer value has launched flights connecting Delhi and Bangalore to Nagpur in Maharashtra.
