INSUBCONTINENT EXCLUSIVE:
transfer of cargo and logistics services business to its subsidiary, SpiceXpress, on slump sale basis valued at Rs 2,555.77 crore
The airline, in a release, said, "The consideration for the slump sale shall be discharged by SpiceXpress by issuance of its shares in
favour of SpiceJet."It stated that the logistics business will result in a one-time gain of Rs 2,555.77 crore and wipe out a substantial
portion of the SpiceJet's negative net worth.As of June 30, 2021, the carrier had a negative net worth of Rs 3,300 crore
Post the transfer, the negative net worth will come down to around Rs 745, SpiceJet added.Ajay Singh, Chairman and Managing Director,
SpiceJet, said, "Post the transfer of the logistics business, the new company will be able to raise capital independently of SpiceJet to
We have also received shareholder approval to raise funds through a QIP (Qualified Institutions Placement) ensuring our long term growth
SpiceXpress posted a net profit of Rs 30 crore
Currently, the logistics arm's network spans over 68 domestic and over 110 international destinations including US, Europe and Africa.Last
aircraft as it has settled with CDB Aviation.In August, the Directorate General of Civil Aviation (DGCA) cleared 737 MAX aircraft to fly
with immediate effect.The B737 MAX was grounded across the globe in March 2019 after two crashes in five months that killed 346 people.
