On Monday, budget carrier SpiceJet announced that its subsidiary SpiceXpress and Logistics will receive a $100 million investment from UK-based group SRAM & MRAM. The investment comes at a time when SpiceJet is facing financial difficulties and an insolvency plea by an aircraft lessor. The carrier recently hived off SpiceXpress as a separate entity, and last week, it announced its plan to…
SpiceJet, a budget airline in India, has announced that it has separated its cargo and logistics business, SpiceXpress, into a new entity, SpiceXpress and Logistics Pvt Ltd. The move, which took effect from April 1, is expected to unlock significant value for the logistics business and substantially reduce SpiceJet’s negative net worth.
SpiceJet has stated that the restructuring will allow…