SpiceJet hives off cargo & logistics biz into new entity

Mumbai, April 4

SpiceJet Ltd on Monday said it has hived off its cargo and logistics business SpiceXpress into a separate entity — SpiceXpress and Logistics Pvt Ltd, from April 1.

The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said.

It also paves the way for SpiceXpress to raise funds independently, SpiceJet said.

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