UK-based SRAM & MRAM Group will invest $100 million in SpiceXpress and Logistics Pvt Limited, according to the MoU signed recently. SpiceXpress, a tech-enabled logistics business and subsidiary of SpiceJet Ltd, was hived off into a separate entity on April 1, allowing it to raise funds independently.
Ajay Singh, Chairman and Managing Director of SpiceJet, expressed confidence in the potential of SpiceXpress, and stated that the investment would support its growth, expansion, and the provision of streamlined services to customers. Sailesh Lachu Hiranandani, Chairman of SRAM & MRAM Group, highlighted the growth opportunities in India’s logistics and cargo space, expressing confidence in SpiceXpress’ contribution to the country’s growth story.
The $100-million investment from SRAM & MRAM Group is expected to bolster SpiceXpress’ operations and enable it to tap into the fast-growing cargo and logistics market in India. The collaboration between the two entities signifies the promising future and growth potential of SpiceXpress as an emerging player in the air cargo market.
This comes at a time when lessors for five aircraft have requested the DGCA to deregister the company’s aircraft. Meanwhile, one of the lessors, Aircastle, has decided to drag the airline to the NCLT over unpaid dues. The bench will hear the matter on May 17.