Shares of SpiceJet soared 9 percent on Friday after the airline and travel portal EaseMyTrip's Thai subsidiary announced a sales agreement to expand services in Thailand.

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At 13:08 IST, shares of SpiceJet were trading 7 percent higher at Rs 50.25, while those of EaseMyTrip or Easy Trip Planners were up 1.3 percent at Rs 420.25 on the BSE.

In an exchange filing, the company said EaseMyTrip Thai, its wholly-owned subsidiary launched in 2021, had signed an exclusive general sales agreement with SpiceJet to sell, promote, and market tickets and other services to passengers in Thailand effective September 1.

This is the first time that EaseMyTrip Thai is entering into such an arrangement for two years exclusively with SpiceJet as a strategic intervention which is an attempt for both companies to expand their services in the Thai market, the company said.

Under the arrangement, EaseMyTrip will be exclusively responsible for SpiceJet’s ticket operations in the territory that will help Thai customers to avail the services of SpiceJet.

Additionally, the release said that all travel agents must route their business through EaseMyTrip for buying SpiceJet tickets from Thailand.

“This partnership will help us tap the growing traffic to the ever popular tourist destinations like Bangkok and Phuket and the increased leisure and business traffic from Thailand to India and beyond,” said Shilpa Bhatia, Chief Commercial Officer, SpiceJet.

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SpiceJet promoter Ajay Singh is considering a stake sale, say sources

Another news that was making the rounds was that SpiceJet is in talks with potential investors for a likely stake sale in the airline. It is learnt that SpiceJet is in talks with a Middle Eastern carrier for a possible stake sale. Talks are ongoing with a large Indian conglomerate, too.

On Tuesday, the airline company said SpiceJet has entered into a full and final settlement with the Airports Authority of India and has cleared all outstanding principal dues of the airport operator.

“SpiceJet’s ability to clear the pending dues reflects the airline’s improved cash flow in recent times,” the airline had said in an exchange filing.

Another shot in the arm was that the Airports Authority of India would release SpiceJet’s Rs 50 crore bank guarantee following the airline clearing all its principal dues. This will result in additional liquidity for the airline.

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