Maruti Suzuki India (MSI) remains 'cautiously optimistic' over sales prospect going ahead.
A recent NASSCOM report said that the Indian SaaS market is estimated to hit $3.3-3.4 billion by 2022. This will be largely on the back of talent availability, a lower cost workforce and adoption of emerging technologies like AI.
Company officials and the emirate of Ras al-Khaimah made the announcement on Wednesday in the northernmost sheikhdom of the oil-rich UAE, signing an agreement for the expansion. SpiceJet plans to base as many as five airplanes in the UAE.
Ajay Singh said the sector is highly taxed, which is a major stumbling block in making it globally competitive.
An industry source said that SpiceJet might bid for Air India's wide-body operations in case the government puts up domestic and international operations for sale separately. Currently, SpiceJet operates only Boeing and Bombardier planes.
The order has been issued in accordance with ground-handling regulations, 2018 but has left some of the private airport operators miffed as this means loss of revenue for them.
The airline has inked a pact for leasing the four MAX aircraft, SpiceJet Chairman and Managing Director Ajay Singh told shareholders.
The budget airline will launch the new flights starting October 27 in phases.
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