SpiceJet subsidiary SpiceXpress to raise $100 million
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The airline said last week that it had no plans to file for bankruptcy and would invest $50 million to revive the 25 grounded planes.
New Delhi. Budget carrier SpiceJet on Monday said its subsidiary SpiceXpress and Logistics will raise $100 million in investment from a UK-based group. Faced with financial constraints and an insolvency petition by an aircraft lessor, SpiceJet was recently demerged from SpiceXpress. The airline said last week that it had no plans to file for bankruptcy and would invest $50 million to revive the 25 grounded planes.
UK-based SRAM & MRAM Group will invest $100 million in SpiceXpress, the airline said in a release on Monday. According to the statement, both the parties have signed a Memorandum of Understanding (MoU) under the investment deal.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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