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UK Investors to inject US$100 million into India’s SpiceXpress
May 16th 2023
SpiceJet has announced UK-based SRAM & MRAM Group will invest US$100 million in its SpiceXpress and Logistics Private Limited freight arm. Read More » The funds injection is included in a Memorandum of Understanding (MoU) signed by the two groups, SpiceJet said in a regulatory filing. “We recently hived off SpiceXpress into a separate company as we are extremely confident and bullish about the potential of our tech‐enabled logistics business. This MoU reaffirms our belief,” SpiceJet chair and managing director, Ajay Singh, said. “The investment should help SpiceXpress expand and provide a more streamlined and efficient service to its customers.” SRAM & MRAM Group chair, Dr. Sailesh Lachu Hiranandani, added: “We see excellent growth opportunities in the logistics and cargo space in India. We are confident SpiceXpress will contribute to India’s growth story.”
