SpiceJet on Monday said its subsidiary SpiceXpress and Logistics will receive $100 million investment from UK-based SRAM & MRAM Group. The low-cost carrier, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress.
Both sides have signed a memorandum of understanding (MoU) as part of the investment deal, the airline said in a statement.
Last week, the airline said it has no plans to file for insolvency and would invest $50 million to revive 25 grounded planes.
The MoU also comes after a debt restructuring agreement between SpiceJet and aircraft lessor Carlyle Aviation Partner wherein the latter bought a stake in SpiceXpress at an anticipated future valuation of $1.5 billion (`12,422 crore).
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.
SRAM & MRAM Group has interests in agricultural and agro-food products, neural networks, artificial intelligence, hedge fund management, hospitality services and solutions, media and publishing, among other areas.
16/05/2023 Financial Express
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