Indian budget carrier SpiceJet said on Tuesday it agreed with government agency Export Development Canada to settle liabilities worth around $91 million, allowing it to take ownership of most of its Q400 aircraft.

The announcement sent the company's shares up 3.7% in afternoon trade.

SpiceJet has over the last few months reached settlements with multiple lessors, including the world's largest aircraft lessor, Aercap, as the company looks to restore its grounded fleet and return to full capacity.


(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza and Sonia Cheema)