SpiceJet, one of India’s biggest budget airlines, has struck a $22bn deal for up to 205 new aircraft from US-based Boeing just two years after the low-cost carrier was rescued from the brink of bankruptcy by its former owner. Ajay Singh, the airline’s founder who took back control after a severe liquidity crunch brought it close to collapse, said that the deal – the biggest in SpiceJet’s history – will form part of a turnround plan to return the company to sustained profitability. “We came very close to [a] shut down on December 17,” said Mr Singh, who stumped up nearly $100m to keep the carrier aloft. “We informed the Indian government that no more flights would fly from the next date and employees were to receive a letter that they should not report to work the next day.” “Our turnaround story has been one which has very few parallels in the world today.” The move marks an ambitious step for the carrier, which faces fierce competition in India’s aviation market and has struggled with high costs. The planes will be delivered from 2018 and provide a much-needed boost to Boeing, which has been struggling to retake market share from its European rival Airbus.