Is Ajay Singh’s SpiceXpress just hot air?

The cargo arm, carved out of SpiceJet on the basis of the promise it showed during the pandemic, is now more appendage and less the trump card it was cracked up to be.

Ajay Singh, chairman and managing director of SpiceJet, would be stoked. On 1 August, the low-cost airline announced that it would sell a 5.9% stake to Carlyle Aviation Partners at Rs 48 a share. In doing so, Singh had not just convinced the US-based aircraft leasing firm to shell out a 55% premium to SpiceJet’s current share price, but also managed to clear $28 million in dues. 

Not just that. A further $70 million that the airline owed Carlyle Aviation would also get settled. This would happen by way of the leasing firm picking up compulsorily convertible debentures of SpiceXpress, …

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Prince M. Thomas

Prince leads the newsroom at The Morning Context as managing editor. A fascination with the written word has taken Prince to some of the leading newsrooms across the country, including The Economic Times, Dow Jones Newswires, Forbes India and Moneycontrol. In a career spanning 20 years, Prince has led teams, managed pages, projects and special editions, and has authored The Consolidators, published by Penguin Random House in 2017.

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