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India on Thursday granted safety permission for restart of Boeing 737 Max operations in the country.

Aviation regulator DGCA had suspended the aircraft's operations in March 2019 after two fatal crashes.

"This rescission enables operation of Boeing Company Model 737-8 and Boeing Company Model 737-9 airplanes only upon satisfaction of applicable requirements for return to service," the DGCA said in its order.

At present, only SpiceJet has 737 Max in their fleet. It has 13 aircraft of this type.

After re-certification, the airline will be able to get 30 or more aircraft for operations.

Additionally, the 737Maxs will allow the airline to retire some old fuel guzzlers, leading to higher saving margins.

SpiceJet had placed an order for 225 Maxs in 2017, while it has a firm order of more than 150 of these aircraft.

The airline on Thursday said it has entered into a settlement with Avolon, a major lessor of Max aircraft. This will allow SpiceJet's 737 Max aircraft to return back to service.

The airline expects to start operations of Max aircraft around the end of September, subject to regulatory approvals.

SpiceJet's Chairman and Managing Director Ajay Singh said: "I am delighted to share that our 737 MAXs will be back in the air soon. As India emerges from Covid and air traffic picks up again, the MAX aircraft will play a major role in our future expansion."

"With a better and a more efficient fleet back in operation, we expect a significant reduction in our operating costs improving our bottom line."

Boeing, in a statement, said: "The DGCA's decision is an important milestone toward safely returning the 737 MAX to service in India."

"Boeing continues to work with regulators and our customers to return the airplane to service worldwide."

As per sources, the proposal for stock market maverick Rakesh Jhunjhunwala backed upcoming airline venture - Akasa - entails the venture to operate an all Boeing 737 Max aircraft fleet.

As of now, restrictions have been lifted in more than 175 countries out of 195.

In addition, more than 30 operators have returned the Max to service.