SpiceJet to take ‘substantial’ profit hit from 737 MAX grounding: Ajay Singh

Indian airline SpiceJet Ltd expects a “substantial” profit hit from the grounding of Boeing’s 737 MAX aircraft, co-founder and chairman Ajay Singh said on January 23.

The budget carrier is in active talks with the planemaker on compensation for 737 MAX-related costs, Singh told the Reuters Global Markets Forum, adding he expected a payment from Boeing to compensate some of the lost profit and he wants to give the US firm “every possible opportunity” to recover before turning to rival Airbus.

Below are excerpts from the interview, conducted on the sidelines of the World Economic Forum‘s annual meeting in Davos, Switzerland:

Question (Q) – How is the conversation with Boeing progressing on compensation? How much of a hit in profit do you think SpiceJet will take due to the 737 MAX delay?

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