The UK multinational SRAM & MRAM Group will inject USD100 million into SpiceXpress (Delhi International), the stand alone cargo division of embattled SpiceJet (SG, Delhi International). The entity has signed a memorandum of understanding (MoU) with SpiceJet, with the capital going towards expansion and customer service improvements.
"In a short time since its inception, the company has shown exceptional growth in the nascent air cargo market, and we see a tremendous potential for the company in India’s fast-growing cargo and logistics market," said Sailesh Lachu Hiranandani, chairman of SRAM & MRAM Group, via media statement.
On April 1, SpiceJet became a separate entity from its parent airline after a business transfer agreement was finalised. That deal saw Carlyle Aviation Partners acquire a stake in the cargo airline, garnered SpiceJet INR25.56 billion rupees (USD310.8 million), and enabled it to wipe USD100 million in debt.
On its website, SRAM & MRAM Group says its primary interests are agri-products and information technology. The privately-held company also says it is involved in hospitality, media, artificial intelligence, foreign exchange and hedge fund management, and neural networks. A review of the group's media releases indicates that it regularly invests substantial sums in a variety of businesses.
SpiceXpress leases three B737-700(BDSF)s from Spectre Air Capital, one of the handful of lessors not attempting to retrieve their aircraft from the SpiceJet Group. In addition to the freighters, SpiceXpress also has access to the bellyholds of SpiceJet passenger-configured aircraft. That airline is fighting of several insolvency petitions and attempts by lessors to repossess aircraft. Late last week, chairman and CEO Ajay Singh went public to refute speculation the airline would declare itself insolvent.
