SpiceJet Airline, a renowned low-cost carrier, announced that its subsidiary Spice Express and Logistics will receive a significant investment of $100 million from the UK-based SRAM & MRAM Group.
This development comes as a welcome relief for the airline, which has been facing financial challenges and recently separated from SpiceXpress.
The company also revealed its commitment to invest $50 million to revive 25 grounded planes, ensuring the resumption of affordable air travel.
In an official press statement, SpiceJet Airline confirmed that an MOU has been signed between SRAM & MRAM Group and Spice Express under the investment agreement.
This substantial infusion of funds will further strengthen Spice Express and support its operations. Meanwhile, another airline, GoFirst, recently had its insolvency petition accepted by the National Company Law Tribunal (NCLT).
The airline is facing financial difficulties, and the Directorate General of Civil Aviation (DGCA) had requested a response from GoFirst by May 15 regarding flight suspensions and customer refunds.
The DGCA had issued a notice to GoFirst, urging the airline to take responsibility for abruptly ceasing operations and to make necessary arrangements for refunding passengers’ tickets.
Both the DGCA and the government are closely monitoring the situation involving GoFirst. It has been reported that the government is actively monitoring all routes that were initially planned for GoFirst flights.
Earlier, GoFirst, which had temporarily suspended its flight operations, requested the aircraft leasing company to deregister several aircraft, resulting in a reduced fleet size for the airline.
Sources indicate that GoFirst has requested the cancellation of registration for 36 aircraft.
The investment of $100 million in Spice Express marks a significant step forward for SpiceJet Airline, demonstrating the company’s determination to overcome financial hurdles and reestablish itself as a prominent player in the low-cost airline sector.
With the infusion of funds and the revival of grounded planes, SpiceJet aims to resume affordable air travel and bring joy to passengers once again.
