Banks and shareholders have given their approval to hive off cargo and logistics company SpiceXpress from SpiceJet airline and the bifurcation will be done by the first week of August, the carrier’s CMD Ajay Singh has said.
SpiceJet had on August 17 last year announced it was transferring its cargo and logistics services on a slump sale basis to its subsidiary SpiceXpress as it will allow the company to raise funds independent of the budget carrier and rapidly grow.
SpiceJet is under the regulatory scanner right now. Just five days ago, the airline was issued a show-cause notice by the Directorate General of Civil Aviation (DGCA) after its aircraft were hit by at least eight incidents of technical malfunction since June 19.
