UK’s SRAM & MRAM Group to invest $100 million in India’s SpiceXpress

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Reuters UK

BENGALURU (Reuters) – India’s SpiceJet Ltd said on Monday that UK-based SRAM & MRAM Group will invest $100 million in its cargo division SpiceXpress, sending shares of the budget airline up as much as 4.8%. The investment comes days after SpiceJet brushed off speculation of filing for insolvency in the wake of rival Go First’s bankruptcy. SpiceJet had hived off SpiceXpress into a separate entity effective April 1, paving the way for the company to raise funds independently. SRAM & MRAM Group signed the investment pact following a restructuring agreement with aircraft lessor Carlyle Aviation Pa…

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