SpiceJet has entered into an agreement with US-based StandardAero that will provide the services for operationalising the airline's grounded Boeing 737 MAX planes and three of the aircraft are expected to return to service by April 2025.
Seven Boeing 737 MAX aircraft of the no-frills carrier are on the ground.
The airline has inked an agreement with MRO (Maintenance, Repair and Overhaul) services provider StandardAero for enabling restoration of its grounded Boeing 737-8 MAX fleet, according to a release on Friday.
StandardAero is also a MRO services provider for CFM LEAP-1B engines, which power SpiceJet's Boeing 737 MAX planes.
The agreement with StandardAero follows successful arrangements with CFM International -- the manufacturer of LEAP-1B engines -- and the lessor for the Boeing 737 MAX aircraft.
"These developments pave the way for the un-grounding and return to service of three Boeing 737 MAX aircraft by April 2025," SpiceJet said in the release.
SpiceJet Chairman and Managing Director Ajay Singh said the return of three fuel-efficient Boeing 737 MAX aircraft will also provide a significant boost to the airline's financial health.
The airline is working on strengthening its fleet and settling various disputes after recently raising Rs 3,000 crore.
Currently, the airline has around 28 planes in operation.
In the past two months, the airline said it has resolved disputes with multiple lessors, including Export Development Canada, Engine Lease Finance Corporation, Babcock & Brown Aircraft Management, Aircastle (Ireland), Wilmington Trust SP Services (Dublin) Ltd, Shannon Engine Support Ltd and Genesis.
Shares of SpiceJet fell over 4 per cent to Rs 58.84 apiece in afternoon trade on the BSE.
