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.
