SpiceXpress, subsidiary of SpiceJet will receive an investment of $100 million from UK-based SRAM and MRAM Group. Both sides have signed a Memorandum of Understanding (MoU) as part of the investment deal, the airline said in a statement.
The MoU comes after a debt restructuring agreement between the carrier and aircraft lessor Carlyle Aviation Partner wherein the latter bought a stake in SpiceXpress at an anticipated future valuation of $1.5 billion
SpiceJet Chairman and Managing Director Ajay Singh said the $100 million investment should help SpiceXpress to grow further and expand and provide a more streamlined and efficient service to its customers.
