United Kingdom‐based SRAM & MRAM Group will invest USD 100 million in SpiceXpress and Logistics. Both sides have signed an MoU as part of the investment deal, SpiceJet said in an official statement.
This move comes after SpiceJet successfully separated SpiceXpress into an independent entity as of 1 April 2023, paving the way for the Company to raise funds independently.
Headquartered in United Kingdom, SRAM & MRAM group is an international conglomerate with offices in Cambodia, South Africa, Indonesia, Malaysia, Bahrain, Georgia, India & Bangladesh.
The Group’s interests are spread across multifarious services, business verticals and operations viz., agricultural and agro‐food products, neural networks, artificial intelligence, hedge fund management, forex management, hospitality services and solutions, information technology, media and publishing, embedded systems and infrastructure.
“This investment should help SpiceXpress to further grow and expand and provide a more streamlined and efficient service to its customers,” said Ajay Singh, Chairman and Managing Director, SpiceJet.
Dr. Sailesh Lachu Hiranandani, Chairman, SRAM & MRAM Group, said, “We see excellent growth opportunities in the logistics and cargo space in India. We are confident that SpiceXpress will contribute to India’s growth story.”
According to th statement, the MoU with SRAM & MRAM Group follows a restructuring agreement with aircraft lessor Carlyle Aviation Partner wherein the latter picked up a stake in SpiceXpress at an anticipated future valuation of USD 1.5 billion or Rs 12,422 crore.