New Delhi, March 7 (IANS) SpiceJet on Thursday announced the successful resolution of Rs 413 crore dispute with Echelon Ireland Madison One Ltd.

The airline said that the settlement with Echelon Ireland Madison One Ltd will result in savings of Rs 398 crore for SpiceJet.

As part of the agreement, SpiceJet will acquire two airframes, enhancing the airline's fleet and operational capabilities.

"This settlement marks the third major resolution for SpiceJet following its recent fundraising. These successful settlements have resulted in total savings of INR 685 crore for the airline, further solidifying SpiceJet's financial stability and balance sheet," said the spokesperson.

Ajay Singh, Chairman and Managing Director, SpiceJet said: “We are pleased to announce the successful resolution of our dispute with Echelon Ireland Madison One Ltd, marking another significant milestone for SpiceJet."

He said that this settlement not only underscores our commitment to financial prudence but also enables us to further fortify our fleet with the acquisition of two airframes.