New Delhi, Dec. 19 -- Airline SpiceJet has settled dispute of over USD 16 million with Dublin-headquartered Genesis Aircraft Services, commercial aircraft leasing company, the company stated on Thursday.

Under the agreement, SpiceJet will pay Genesis USD 6 million and Genesis will acquire USD 4 million in SpiceJet equity at a price of Rs 100 per share, the company added.

The agreement will also result in a significant saving for the airline as it navigates a robust path toward long-term growth.

The settlement with Genesis underscores SpiceJet's continued commitment to restoring financial stability, achieving operational resilience, and reducing legal liabilities. Subject to the settlement terms being satisfied, both parties have agreed...