SpiceJet on Thursday said it has settled a $90.8 million dispute with Export Development Canada for a total consideration of $22.5 million, leading to the airline taking ownership of 13 Q400 planes.

This resolution will result in savings of $68.3 million (₹574 crore), it said.

The crisis-hit airline, which recently raised ₹3,000 crore, has also acquired the full ownership of 13 EDC-financed Q400 aircraft and the development will help reduce operational costs.

In a release, the carrier said it has “fully settled a $90.8 million (₹763 crore) dispute with Export Development Canada (EDC) for a total of $22.5 million”.

Ajay Singh, chairman and managing director of SpiceJet, said the resolution allows the airline to move forward with a strengthened balance sheet and focus on getting Q400 aircraft back into service as quickly as possible.

According to the terms of the agreement, SpiceJet has acquired full ownership of 13 EDC-financed Q400aircraft.

The transfer of ownership of these 13 planes will result in a substantial reduction in operational costs, strengthening the airline’s operational capabilities and fleetmanagement.

It also brings long-term financial benefits, relieving SpiceJet from the obligation of monthly rental payments for these aircraft and further reinforcing the airline’s financial stability, the release added.

These aircraft, the airline said will also enable SpiceJet to launch additional flights on regional and UDAN routes.

Starting October 27, 2024, the airline has begun operating several new routes using the Q400, including Delhi-Amritsar-Delhi, Guwahati-Patna-Guwahati, Calcutta-Patna-Calcutta, Delhi-Patna-Delhi, and Delhi-Darbhanga-Delhi.