SpiceJet unit SpiceXpress to get $100-M from UK's Sram & Mram Group

SpiceXpress and Logistics, a subsidiary of budget carrier SpiceJet, will receive USD 100 million from UK-based Sram & Mram Group. The MoU comes after a debt restructuring agreement between the carrier and aircraft lessor Carlyle Aviation Partner wherein the latter bought a stake in SpiceXpress at an anticipated future valuation of USD 1.5 Billion (INR 12,422 crore). Sram & Mram Group has interests in agro-food products, neural networks, artificial intelligence, hedge fund management, hospitality services, media and publishing. SpiceJet, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress.