Ajay Singh tries to do a Mukesh Ambani and GIFT City attempts a takeoff

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Editor's note: This is the fourteenth edition of Street Smart, The Morning Context’s weekly newsletter on everything that impacts corporate India. Every Thursday, Street Smart will bring you an original, reported or analytical take on issues that have the potential to shake up the business ecosystem. Prince here. Six months ago, Jayshree stuck her neck out and said GIFT City, for all its problems, stands a chance. Today, she does a status check. Does it really? Before you find that out, I take a look at Ajay Singh’s latest bet. Seldom has diversification been so critical to save a core business. And that’s what Singh is doing by hiving off SpiceJet’s cargo business under SpiceXpress.  Ajay Singh’s big bet on cargo to save SpiceJet Ajay Singh is trying to do a Mukesh Ambani. In a way. The Reliance Industries Ltd chairman had regoranized his digital and telecom businesses under Jio Platforms, which then went on to bag investments worth $20 billion from the likes of Facebook and Google. Singh wants to similarly hive off SpiceJet’s cargo business under SpiceXpress and seek investments …