SpiceJet clears all GST dues after raising Rs 3,000 crore via QIP

Beleaguered carrier SpiceJet has successfully cleared all its outstanding Goods and Services Tax (GST) dues, demonstrating its commitment to financial discipline and regulatory compliance. The airline’s statement on Friday highlighted that this milestone was achieved following SpiceJet’s recent Qualified Institutional Placement (QIP), which raised Rs 3,000 crore.SpiceJet clears All GST Dues after raising Rs 3,000 crore via QIP 

The successful QIP attracted significant interest from top-tier institutional investors and funds, including prominent names such as Goldman Sachs (Singapore), Morgan Stanley Asia, Tata Mutual Fund, and Discovery Global Opportunity Ltd. The infusion of funds has bolstered SpiceJet’s financial position and paved the way for clearing its GST obligations.

Ajay Singh, Chairman and Managing Director of SpiceJet, expressed satisfaction with the development, stating, "We are proud to have cleared all GST dues, a significant step towards reinforcing our commitment to financial discipline and regulatory compliance. These developments reflect our dedication to providing exceptional service to our passengers while positioning ourselves strategically for future growth."

In addition to clearing its GST dues, SpiceJet recently resolved a major financial dispute with Engine Lease Finance Corporation (ELFC). ELFC had previously claimed $16.7 million, but the matter was settled amicably for an undisclosed amount, which was lower than the initial claim. This settlement marks another step forward in strengthening SpiceJet’s financial health.

The airline has also made strides in addressing employee concerns by clearing all pending salary dues, further solidifying its efforts to restore stability within the organisation.

(With ANI inputs.)