Wednesday, July 13, 2022

SpiceJet yet to receive approval from lenders for hiving off cargo unit

Even as Ajay Singh plans to hive off SpiceJet’s cargo business SpiceXperess by August, it is yet to receive approvals from its lenders. SpiceJet applied for the No Objection Certificate (NOC) over six months ago. However, sources said lenders do not seem to have clarity on the hive-off. “We have not been given any clarity yet. We do not see the hive off being completed by August,” said a banking source.

According to multiple sources, SpiceJet has received conditional approval only from YES Bank; however, it has not received approval from any of its other lenders. 

13/07/22 Business Line

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