Last month, India’s SpiceJet Ltd. completed the hive off of its cargo and logistics division ‘SpiceXpress’ into a separate entity, SpiceXpress and Logistics Private Limited. The split was a strategic move to boost the growth of the carrier’s cargo business and provide a more streamlined and efficient service to its customers. The hive off became effective from April 1, 2023 and it paves the way for SpiceXpress to raise funds independently. Both SpiceJet and SpiceXpress have great potential and will complement each other well.”“The hive off will not only enable SpiceXpress to raise cash independently, it will significantly reduce SpiceJet’s negative net worth. About SpiceXpress and Logistics Private LimitedSpiceXpress and Logistics Private Limited is a subsidiary of SpiceJet Limited incorporated with an objective to undertake the business of providing a platform for dedicated goods transportation across globe and other allied services.

Source: Ethiopian News May 05, 2023 23:53 UTC