SpiceJet’s lenders have expressed concerns over the airline’s decision to hive off its cargo business into a wholly-owned subsidiary. AT the AGM in December the airline proposed to its shareholders a special resolution to ‘transfer the cargo business as a wholly-owned subsidiary’. It had said it “plans to add more cargo aircraft to scale up SpiceXpress’ existing capacity and transform it into a fullscale freighter cargo service”. The shareholders had voted in favour of this resolution. This action effectively devalues the remaining airline that the banks have been lending to of late. IDFC First, Allahabad Bank, YES Bank, ICICI Bank,

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