SPICEJET to transfer logistics business to SpiceXpress

SpiceJet has received the approval of stakeholders to transfer its cargo and logistics services business to a subsidiary. The transfer will be on a slump sale basis, through an all-share deal worth over 2,555 crore, a move that is aimed at helping the airline to significantly reduce its negative net worth. The budget carrier has received shareholders’ approval to transfer the cargo and logistics services business to its subsidiary, SpiceXpress and Logistics Private Ltd. The transfer will provide greater and differentiated focus to cargo and logistics business. Also, the shareholders have cleared the proposal to raise up to 2,500 crore through the Qualified Institutional Placement (QIP) route.