Aviation360 MEA

SpiceXpress, a SpiceJet subsidiary freight airline, would reportedly receive a $100 million investment from a UK-based business. The airline has continuously turned a profit as India’s post-COVID freight sector grows. SpiceXpress just split from SpiceJet, giving it the freedom to independently entice investments like the most recent one.

SpiceXpress is set to receive an investment of $100 million from the UK-based SRAM & MRAM Group. The airline has even signed a Memorandum of Understanding (MoU) with SRAM & MRAM Group as part of the investment deal. SpiceJet said, “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.”

Ajay Singh, the chairman and managing director of SpiceJet, is optimistic that the $100 million investment will support SpiceXpress’s further expansion. He continued by saying that the most recent breakthrough would enable SpiceXpress to offer its clients a more simplified and effective service.

The SRAM & MRAM Group has its main office in the UK and is present in a number of industries, including food and agriculture. The multinational corporation also maintains offices in Bahrain, Georgia, India, Bangladesh, South Africa, Indonesia, and Malaysia. The group’s chairman, Dr. Sailesh Lachu Hiranandani, said “We are pleased to join hands with SpiceXpress in its promising future and growth story. We see excellent growth opportunities in the logistics and cargo space in India.”