SpiceJet clears employee PF dues of Rs 160.07 cr
New Delhi: SpiceJet has fully cleared its pending employee provident fund (PF) dues of Rs 160.07 crore, covering a period of two years, the airline said on Friday.
Over the last three months, following a Rs 3,000 crore capital raise through a Qualified Institutional Placement (QIP), the airline has addressed all outstanding statutory liabilities, including Tax Deducted at Source (TDS), Goods and Services Tax (GST), and employee salary arrears, reported The Economic Times.
The QIP, completed in September 2024, attracted robust demand, with 87 Indian and international institutions subscribing to the issue.
Since October, SpiceJet has relied on its internal cash flows to fulfill statutory obligations such as PF and TDS payments, underscoring its improved financial stability and operational discipline.
Ajay Singh, Chairman and Managing Director of SpiceJet, remarked, “This marks a new chapter in SpiceJet’s journey. By clearing all pending statutory dues and resolving disputes with lessors and creditors, we are demonstrating our unwavering commitment to operational excellence, financial prudence, and the welfare of our employees.
"With the successful implementation of our financial turnaround strategy, we are confident in our ability to continue delivering superior service to our customers and achieving sustainable growth.”
As of 2:10 pm, SpiceJet’s shares were trading 1.57% higher, outperforming the benchmark indices, which were up approximately 0.84%.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
