United Kingdom‐based SRAM & MRAM Group will invest $100 million in SpiceXpress and Logistics Pvt. Limited. Both sides have signed a MoU as part of the investment deal.
SpiceJet Ltd. recently completed the hive off ‘SpiceXpress’ into a separate entity effective April 1, 2023 paving the way for the Company to raise funds independently.
Headquartered in United Kingdom, SRAM & MRAM group is a leading international conglomerate with offices in Cambodia, South Africa, Indonesia, Malaysia, Bahrain, Georgia, India & Bangladesh. The Group’s interests are spread across services, business verticals and operations viz., agricultural and agro‐food products, neural networks, artificial intelligence, hedge fund management, forex management, hospitality services and solutions, information technology, media and publishing, embedded systems and infrastructure.
The MoU with SRAM & MRAM Group follows a restructuring agreement with aircraft lessor Carlyle Aviation Partner wherein the latter picked up a stake in SpiceXpress at an anticipated future valuation of $1.5 billion or Rs 12,422 crore.
SpiceJet has also initiated the process of reviving its grounded fleet with the $50 million funds received by the airline from the government’s Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals.
In view of the recent developments in the Indian aviation market, the airline has categorically stated that it has no plans whatsoever to file for insolvency.