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Aiming to boost growth in the cargo business, SpiceJet said it has completed the hive off of its cargo and logistics division 'SpiceXpress' into a separate entity -- SpiceXpress and Logistics Private Limited
SpiceJet said that the SpiceXpress hive off would strengthen its balance sheet and wipe out a substantial portion of its negative net worth, and unlock significant value.
The hive off will bring in a one-time gain worth Rs 2,555.77 crore, reducing a significant portion of SpiceJet's total debt.
SpiceJet Ltd. has completed the hive off of its cargo and logistics division ‘SpiceXpress’ into a separate entity, SpiceXpress and Logistics Private Limited, the company said via an exchange filing. The hive off is effective April 1, 2023 and paves the way for SpiceXpress to raise funds independently.
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