| | MAY 20238SpiceJet, the low-cost carrier, announced on Monday that its subsidiary SpiceXpress and Logistics will get a $100 million investment from a UK-based business. SpiceJet, which is suffering financial difficulties and an insolvency petition from an aircraft lessor, recently spun out SpiceXpress.In addition, the airline announced last week that it has no plans to file for bankruptcy and will invest $50 million to resurrect 25 grounded planes. SpiceXpress will receive a USD 100 million investment from the SRAM & MRAM Group of the United Kingdom. As part of the investment agreement, both parties signed a Memorandum of Understanding (MoU), the airline announced on Monday.The arrangement also follows a financial restructuring agreement between the carrier and aircraft lessor Carlyle Aviation Partner, in which the latter purchased a part in SpiceXpress for an estimated future valuation of $1.5 billion (Rs.12,422 crore).SpiceJet Chairman and Managing Director Ajay Singh stated that the $100 million investment will assist SpiceXpress in expanding and providing a more streamlined and effective service to its clients.SRAM & MRAM Group has interests in a variety of industries, including agricultural and agro-food products, neural networks, artificial intelligence, hedge fund management, hospitality services and solutions, media and publishing, and others.So far this month, lessors have sought deregistration of five SpiceJet planes, a development that also comes against the backdrop of crisis-hit rival Go First shuttering operations and going for resolution proceedings under the insolvency law. SpiceJet stock was trading at Rs 30.27, up 2.33 percent on BSE. Sonal Shrivastava has been named Chief Financial Officer of Vedanta Limited, an internationally diversified natural resources business, starting June 1, 2023.Sonal adds more than 26 years of financial leadership experience across industries to the organisation as it enters its next chapter of expansion. Sonal joins Vedanta from Holcim Group, where she was the CFO for operations in Asia Pacific, the Middle East, and Africa."We are delighted to have Sonal join us as our Chief Financial Officer", stated Anil Agarwal, Chairman of Vedanta. Her global experience and track record of achieving strong financial results across industries make her a valued addition. We are convinced that she will play an important role in the future of the organisation."Sonal will lead the group's financial strategy and be in charge of accounting, tax, treasury, investor relations, financial planning, and analytics, as well as driving digitization and profitability. She will collaborate with all internal and external stakeholders to establish and achieve business objectives.Sonal Shrivastava stated of her hiring, "Vedanta has made remarkable strides, and there are significant prospects for further growth". I'm excited to contribute to the company's success by utilising strategic and financial initiatives and collaborating to design and implement strategies that accelerate performance and increase value for all stakeholders".Sonal graduated from BIT Sindri with a Bachelor's degree in Chemical Engineering and a Master's degree in Business Administration from the Jamnalal Bajaj Institute of Management Studies. SPICEJET'S SPICEXPRESS GETS $100 MILLION INVESTMENT FROM SRAM & MRAM GROUPSONAL SHRIVASTA NAMED AS CFO OF VEDANTA LTDIN FOCUSIN FOCUS
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