The Indian low-cost air carrier SpiceJet plans to boost its fleet with additional aircraft. The airline announced having signed a Memorandum of Understanding (MoU) with the New York-based investment firm Avenue Capital over the financing of 50 new aircraft to be ordered by SpiceJet.

The new agreement between the US investment firm and SpiceJet is expected to create a “strategic alliance in respect of the financing, acquisition, and sale and lease‐back of 50 new planes to be ordered by the airline”, read the SpiceJet statement. However, the Indian airline did not specify which aircraft types the investment firm would finance under the new MoU.

"We are delighted to enter into this strategic alliance with Avenue Capital Group and we look forward to closely working with them. This alliance will ensure a seamless induction of the planes in our fleet and help us plan better for the long term," Ajay Singh, the Chairman and Managing Director of SpiceJet, was quoted in the statement.

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SpiceJet operates a fleet consisting of 99 aircraft, including a single Airbus A321 jet, a single Airbus A340, 65 Boeing 737 Family aircraft, and 32 De Havilland Canada DHC-8 (Dash 8) turboprops. According to the Boeing order and delivery list, the air carrier also has 136 Boeing 737 MAXs on the order of which 7 have already been delivered to the company.