NEW DELHI: No-frills carrier SpiceJet Limited, which had in July announced plans to hive off its cargo operations into a separate entity, on Tuesday said it has sought permission from its shareholders to complete the process. to its subsidiary SpiceXpress and Logistics Pvt. The airline added that it expects SpiceXpress to operate as a separate entity upon transfer of business on or around 1 October. "SpiceJet (SJet) continues to maintain momentum in the cargo business with Q1FY22 net profit of Rs300mn ( ₹30 crore) for the ‘logistics platform’. Recapitalisation remains the key trigger for the business," said a 16 August research report on SpiceJet by Icici Securities.

Source: Mint August 17, 2021 09:56 UTC