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Private sector airline SpiceJet said on Tuesday it has finalsed lease agreements for eight Boeing 737 aircraft. The latest addition is set to take additions to the airline's winter schedule fleet to 18 aircraft.

The development comes as India prepares for the festive season followed by winter holidays later this year.

Holiday season in the country -- typically beginning in October and extending through February -- leads to additional demand for travel bookings as people plan their winter vacations.    

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The planned fleet additions will reinforce its commitment to meet the rising demand for air travel during the upcoming festive and winter season, the airline said in a regulatory filing. 

“With the upcoming festive and winter travel season, these aircraft will allow us to enhance frequencies on key routes and cater to the growing passenger demand," said Debojo Maharshi, Chief Business Officer, SpiceJet. 

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Earlier, the airline announced two lease agreements leading to the introduction of 10 Boeing 737 aircraft. 

Those additions are set to join the private sector carrier's fleet from October.

The airline's stock traded firmly in the green following the news, rising as much as 2.2 per cent to Rs 33.2 apiece on BSE. 

At 1:45 pm, SpiceJet shares were up 1.0 per cent at Rs 32.8 apiece on the bourse. 

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At the current level, the SpiceJet scrip has lost more than 42 per cent of its value so far this year, sharply underperforming a 6.0 per cent gain in the Nifty 50 benchmark. 

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