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SpiceXpress signs MoU with Pifore Group, explores acquisition of electric cargo airplanes

SpiceJet
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Working towards the global cause of sustainability and being one of the first to leverage technology, SpiceXpress has confirmed the possibility of acquiring electric cargo airplanes being developed by US-based Bye Aerospace, in collaboration with India’s Pifore Group. The total investment is being estimated to be INR 300 to INR 500 million. The alliance is a pilot project to promote zero-emission freighters and also a closed airfield as emission free airport with an electric plane fleet and other zero-emission products.

We have signed a preliminary MoU to work collaboratively on this,”

Sanjiv Gupta, Chief Executive Officer

Pifore Group is engaged in provision of engineering, construction and technical services for private as well as public & government agencies/companies in India. They have signed an MoU with Bye Aerospace to deliver five electric cargo airplanes, which will be leased by SpiceXpress by 2024 and an additional five airplanes to be leased by 2026.

Earlier this year, Spice Jet had transferred its logistics business to its subsidiary SpiceXpress and Logistics. It was done on a slump sale basis along with all related assets and liabilities, including know-how, trademark, licences, franchises, customer contracts and distribution networks. SpiceXpress is a cargo specialist and is currently in the process of being hived off its parent company – SpiceJet – and will be operating on its own Air Operator’s Certificate. It currently boasts of a fleet of three B737-700s, two B737-800s and seven DHC-8-Q400s. The company registered a 5% increase in revenue from INR 4.73 billion in previous quarter to INR 4.97 billion in quarter ending September 2021. It carried more than 45,000 tonnes of cargo in Q2FY2022 as compared to carrying 43,000 tonnes in Q1FY2022.

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