{"id":30037,"date":"2023-04-03T14:05:36","date_gmt":"2023-04-03T08:35:36","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=30037"},"modified":"2023-04-03T14:05:42","modified_gmt":"2023-04-03T08:35:42","slug":"spicejet-completes-the-separation-of-spicexpress-into-a-new-company-exclusive","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2023\/04\/03\/spicejet-completes-the-separation-of-spicexpress-into-a-new-company-exclusive\/","title":{"rendered":"SpiceJet Completes The Separation Of SpiceXpress Into A New Company | Exclusive"},"content":{"rendered":"\n

SpiceJet Limited <\/strong>announced on April 3 that it has separated its cargo and logistics business SpiceXpress into a separate entity<\/strong> \u2014 SpiceXpress and Logistics Private Limited<\/strong> \u2014 effective April 1.<\/p>\n\n\n\n

\"SpiceJet
SpiceJet separates its cargo and logistics operations as of April 1 | Image credits to owner<\/figcaption><\/figure>\n\n\n\n

“The transaction results in a one-time gain of Rs. 2,555.77 crore for SpiceJet, significantly reducing its negative net worth,”<\/em> the company said.<\/p>\n\n\n\n

SpiceJet stated, “It also paves the way for SpiceXpress to raise funds independently.”<\/em><\/p>\n\n\n\n

“The decision to spin off SpiceXpress is consistent with the company’s long-term business strategy and will unlock significant valuation for the logistics business.” <\/em><\/strong><\/p>SpiceJet Limited Chairman Ajay Singh said<\/cite><\/blockquote>\n\n\n\n

According to Mr. Singh, “the separation of our cargo and logistics arm is a stepping stone in our growth story that will unfold in the coming times.”<\/em><\/strong> <\/p>\n\n\n\n

SpiceXpress reported a net profit of 51.4 crore for the fiscal year ending December 31, 2018.<\/strong><\/p>\n\n\n\n

“SpiceJet Limited has completed the hive off of its cargo and logistics division ‘SpiceXpress’ into a separate entity, SpiceXpress and Logistics Private Limited, in order to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers,” <\/em>the company said.<\/p>\n\n\n\n

SpiceXpress will discharge the consideration for the slump-sale by issuing securities in the form of equity shares and compulsorily convertible debentures to “SpiceJet for an aggregate amount of 2,555.77 crore, which will also strengthen SpiceJet’s balance sheet,” <\/em>it said.<\/p>\n\n\n\n

According to Mr. Singh, “SpiceXpress will provide a more differentiated focus to the cargo and logistics business and will allow the company to raise capital to accelerate its growth. Both SpiceJet and SpiceXpress have a lot of potential and will work well together.”<\/em><\/p>\n\n\n\n

\"SpiceJet<\/figure>\n\n\n\n

He also stated that the spin-off will not only allow SpiceXpress to raise funds on its own, but will also significantly reduce SpiceJet’s negative net worth.<\/em><\/p>\n\n\n\n

Mr. Singh stated<\/strong>, “Having restructured over $100 million in outstanding dues to Carlyle Aviation Partner last month, the hive off will further strengthen and deleverage our balance sheet.”<\/em><\/p>\n\n\n\n

Also read:<\/p>\n\n\n\n

UK PM Rishi Sunak Has Come Under Fire For Spending Rs 5 Crore On Private Jet Trips In Just Two Weeks | Exclusive<\/a><\/em><\/strong><\/p>\n\n\n\n

IndiGo Announces Odisha`s First International Flight, To Connect Bhubaneswar-Dubai<\/a><\/em><\/strong><\/p>\n\n\n\n

Follow us on Google News<\/a><\/em><\/strong> for latest Aviation Updates<\/p>\n\n\n\n

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Stay tuned\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

SpiceJet Limited announced on April 3 that it has separated its cargo and logistics business SpiceXpress into a separate entity \u2014 SpiceXpress and Logistics Private Limited \u2014 effective April 1.<\/p>\n","protected":false},"author":2,"featured_media":22676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7215,7216,7217,6761],"tags":[7912,5208,446,6196,2606],"class_list":{"0":"post-30037","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-airline-news","8":"category-aviation-news","9":"category-indian-aviation-news","10":"category-news","11":"tag-cargo-and-logistics-company","12":"tag-cargo-services","13":"tag-spicejet","14":"tag-spicejets-chairman-and-managing-director-ajay-singh","15":"tag-spicexpress-cargo"},"_links":{"self":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/30037","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/comments?post=30037"}],"version-history":[{"count":1,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/30037\/revisions"}],"predecessor-version":[{"id":30038,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/30037\/revisions\/30038"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media\/22676"}],"wp:attachment":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media?parent=30037"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/categories?post=30037"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/tags?post=30037"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}