Budget carrier SpiceJet on Monday said its subsidiary SpiceXpress and Logistics will receive $100 million investment from a UK-based group.
SpiceJet, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress.
Also, last week, the airline said it has no plans to file for insolvency and would invest $50 million to revive 25 grounded planes. The United Kingdom-based SRAM & MRAM Group will invest $100 million in SpiceXpress. Both sides have signed a Memorandum of Understanding (MoU) as part of the investment deal, the airline said in a release on Monday.
