SpiceJet to demerge its cargo arm

Carlyle Aviation now holds a 7.5% stake in SpiceJet after converting $100 million of outstanding dues into equity. Carlyle also acquired compulsorily convertible debentures in SpiceXpress, the airline’s cargo arm. SpiceJet will de-merge its cargo business to subsidiary SpiceXpress & Logistics into a new company by April 1, 2023 the company said in a regulatory filing. This sale is expected relieve a huge portion of the company’s debt and result in a one-time gain of INR 255.5 million. Going ahead, SpiceJet said that it will now hold discussions with other lessors to further deleverage its balance sheet. SpiceJet’s board also