On June 8, SpiceJet shares jumped after the airline teamed up with FTAI Aviation, a prominent aftermarket provider of engine services, reducing maintenance costs and aircraft downtime.

The NYSE-listed FTAI Aviation will deliver SpiceJet with up to 20 engines for rent, and all-encompassing maintenance services, the Gurugram-based airline stated. By leveraging FTAI Aviation’s engine specialists, SpiceJet will have access to a pipeline of available engines, eliminating the need for frequent shop visits.

SpiceJet said the revitalisation plan would lower maintenance expenses and minimise aircraft downtime, improving the airline’s overall performance.

At 9:48 am, the company’s share was trading up 4% at Rs 27.80 on BSE. The stock fell 41% in 2022 as the airline faces a cash crunch, legal battles and regulatory headwinds.

The primary engines will be used to support the reactivation of SpiceJet’s aircraft fleet in the next two-three months, being critical for service on new routes.

The partnership with FTAI Aviation is a planned direction, ensuring the fleet runs without concerns about engines or their maintenance.

On June 7, SpiceJet started Haj operations by operating distinct flights from Bhopal, Gaya, Vijayawada, Aurangabad and Srinagar.

The airline has initiated two wide-body A340 aircraft for its Haj operations. SpiceJet will function these special flights to Jeddah between June 7 and June 22. Return flights from Medina are also planned from July 17 to August 2.