SpiceJet to lay off 1,400 people, 15% of its workforce 

Looking for solutions, SpiceJet agreed with one of its lessors to convert debt into equity
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SpiceJet will be laying off 1,400 members of its staff, around 15% of its total workforce, as the carrier continues to struggle to recover from financial difficulties. 

In December 2023, the Indian low-cost airline announced it had secured a new funding round from investors and appeared interested in bidding for its now grounded competitor Go First.   

Although SpiceJet has stated that fresh capital is on its way, some reports in the Indian media have suggested that at least part of these new funds have failed to materialize, leading to doubts about the future of the airline. 

SpiceJet, which is facing increasing competition from a reinvigorated Air India, a growing IndiGo, and newly launched carrier Akasa Air, is currently a shadow of its former self.  

As of February 2024, its fleet has dwindled to a quarter of its peak numbers, from 118 in 2019 to 30 active aircraft, while its workforce has been reduced from 16,000 to the current 9,000.  

By further reducing its workforce, the airline expects to be able to adjust its costs to its new reality. 

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