Spicejet has signed a Memorandum of Understanding (MoU) with Avenue Capital Group, New York for a strategic alliance in respect of the financing, acquisition and sale and lease-back of 50 new planes to be ordered by the airline.

Avenue Capital Group are specialists in the field of aircraft leasing and have identified the new planes to be ordered by Spicejet as a unique opportunity for investment.

The MoU sets out the next steps and conditions upon which Avenue, as part of the strategic alliance with Spicejet, will assist with placing of the low-cost carrier’s new aircraft portfolio including sale and lease-back of and also assumption of ownership of potentially up to 50 of these aircraft.

“We are delighted to enter into this strategic alliance with Avenue Capital Group and we look forward to closely working with them. This alliance will ensure a seamless induction of the planes in our fleet and help us plan better for the long term,” says Ajay Singh, chairman and managing director, Spicejet.