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GURUGRAM, December 13, 2024: SpiceJet has successfully cleared all pending employee provident fund (PF) dues amounting to INR 160.07 Crore, spanning over two years, reaffirming its commitment to employee welfare and financial accountability.
Over the past three months, since raising INR 3,000 Crore through a Qualified Institutional Placement (QIP), the airline has cleared all pending statutory liabilities, including Tax Deducted at Source (TDS), Goods and Services Tax (GST), and employee salary dues.
With the airline now current on its statutory dues, it is poised to save significantly on interest payments.
Since October 2024, SpiceJet has been utilising its internal cash flows to meet its statutory obligations, including PF and TDS payments, reflecting the airline’s improved financial health and operational discipline.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “We are pleased to announce the clearance of all pending employee PF dues. This marks a new chapter in SpiceJet’s journey. By clearing all pending statutory dues and settling disputes with lessors and creditors, we are demonstrating our unwavering commitment to operational excellence, financial prudence, and the welfare of our employees. With the successful implementation of our financial turnaround strategy, we are confident in our ability to continue delivering superior service to our customers and achieving sustainable growth.”
In addition to clearing its statutory obligations, the company has resolved multiple outstanding disputes with aircraft lessors and other creditors, significantly improving its balance sheet. The airline’s sustained efforts toward financial stability and operational resilience have recently been recognised by Acuité Ratings & Research Limited, which upgraded SpiceJet’s credit rating by four notches.
About SpiceJet:
SpiceJet is India’s favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline that operates a fleet of Boeing 737s, Q-400s & freighters and is the country’s largest regional player operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline’s fleet offers SpiceMax, the most spacious economy class seating in India.
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