GURUGRAM, June 8, 2023: SpiceJet will partner with FTAI Aviation Ltd. (Nasdaq: FTAI), a leading aftermarket provider of engine services, on a CFM56 revitalization program.

Under this program, FTAI Aviation Ltd. (Nasdaq: FTAI) will provide SpiceJet with up to twenty (20) engines for lease, inclusive of maintenance services. By leveraging FTAI Aviation's engine expertise, SpiceJet will have access to a pipeline of available engines which eliminates the need for frequent shop visits. The revitalization program will reduce maintenance expense and minimize aircraft downtime, enhancing the airline's overall performance.

This program will further emphasize on SpiceJet's commitment to cost efficiency and operational excellence. The first engines will be used to support the re-activation of SpiceJet's aircraft fleet over the next 2-3 months and will be critical for service on new routes. With FTAI Aviation managing the engines, SpiceJet will strengthen its resource allocation and focus on delivering an exceptional travel experience while maximizing their operational potential.

SpiceJet through the CFM56 Revitalization program, aims to demonstrate its creativity and dedication to advancing the future of low-cost air travel and the aviation industry in India.

Ajay Singh, Chairman and Managing Director, SpiceJet said, “SpiceJet is slowly but surely progressing towards its goal of restoring its fleet and ensuring that our aircraft stay where they rightly belong to i.e. in the skies serving our passengers. Our partnership with FTAI Aviation is a step forward in that direction that would ensure that our fleet is up and running at all times without us worrying about engines or their maintenance. Quick and ready replacements will ensure that our planes are on the ground for minimal time.”

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 and is one of the country's largest regional players 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.

About FTAI Aviation Ltd.

FTAI owns and maintains commercial jet engines with a focus on CFM56 engines. FTAI’s propriety portfolio of products, including The Module Factory and a joint venture to manufacture engine PMA, enables it to provide cost savings and flexibility to our airline, lessor, and maintenance, repair, and operations customer base. Additionally, FTAI owns and leases jet aircraft which often facilitates the acquisition of engines at attractive prices. FTAI invests in aviation assets and aerospace products that generate strong and stable cash flows with the potential for earnings growth and asset appreciation.