To pay TDS, SpiceJet pays Rs 310 cr

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The new statements from SpiceJet are part of the airline's crucial recovery effort during a difficult financial time. As part of the approximately Rs 600 crore in total liabilities handled since late September, which included employee wages, GST, and Provident Fund contributions, the business paid off Rs 310 crore in Tax Deducted at Source (TDS) obligations. This payment resolution, which includes successful settlements with aircraft lessors, has been a significant step in restoring SpiceJet's financial integrity.

With 87 institutions supporting the oversubscribed issue, the airline's Qualified Institutional Placement (QIP) collected Rs 3,000 crore, indicating a resurgence of investor confidence. This cash infusion is essential to stabilise operations and enable fleet expansion—ten additional aircraft are anticipated by November.

This fleet expansion supports SpiceJet's focus on regional connectivity under the UDAN initiative, which targets areas with high travel demand. Examples of this include new routes between Shivamogga, Chennai, and Hyderabad and more flights between Chennai and Kochi.

As a sign of the airline's dedication to ethical business practices and a strengthened position in the industry, SpiceJet Chairman and Managing Director Ajay Singh has emphasised the significance of these financial certifications for the airline's stability and expansion. Repayment of debt, fleet growth, and the launch of key routes put SpiceJet in a position to regain market share while meeting passenger demand, particularly in underdeveloped areas.

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