SpiceJet SpiceJet's logistics & cargo business Spicexpress to be hived off by Aug first week: Report
Mumbai: SpiceJet's logistics and cargo wing Spicexpress will be separated and the bankers and shareholders have approved the bifurcation, which will be complete by the first week of June, the carrier's CMD Ajay Singh has said, reported media.
On August 17 last year, SpiceJet had said that it will transfer its cargo and logistics services to its subsidiary Spicexpress on a slump sale basis as it will allow the company to raise funds independently and grow rapidly.
Spicexpress has a network spanning over 68 domestic and over 110 international cities, including those in the US, Europe and Africa.
The cargo business has been valued at Rs 2,555.77 crore based on an independent valuation exercise carried out by the company.
While SpiceJet has been making losses for the last four years, the revenue from Spicexpress has been increasing. In October to December quarter of 2021, its revenue jumped 17 percent on a quarter-on-quarter basis to Rs 584 crores.
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