Team Blitz India
NEW DELHI: Budget carrier SpiceJet recently said its subsidiary SpiceXpress and Logistics will receive $100 million investment from a UK-based group.
SpiceJet, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress.
Also, last week, the airline said it has no plans to file for insolvency and would invest $50 million to revive 25 grounded planes.
The United Kingdom-based SRAM & MRAM Group will invest $100 million in SpiceXpress. Both sides have signed a Memorandum of Understanding (MoU) as part of the investment deal, the airline said in a release on May 15.
SpiceJet Chairman and Managing Director Ajay Singh said the $100 million investment should help SpiceXpress to grow further and expand and provide a more streamlined and efficient service to its customers.
