Around five months after launching its retail venture, low cost carrier (LCC) Spicejet has announced getting into real estate business. A new company named “Canvin Real Estate Private Limited” has been registered in this regard, Spicejet's VP (legal) & Company Secretary, Chandan Sand informed Bombay Stock Exchange (BSE) on Tuesday.
In June, SpiceJet had launched SpiceStyle- a retail venture which initially was conceived for in-flight services business. However, later it was expanded to the virtual and physical channels. Ajay Singh, CMD of Spicejet had earlier told DNA Money that there were some struggle earlier after the launch of SpiceStyle but things got sorted out later. The airline company has also tied up with Amazon on certain occasions to promote SpiceStyle.
The company officials claim that the later businesses will help Spicejet in improving revenues from ancillary businesses. The revenue from ancillary business had grown to 17% from about 6%, couple of years earlier. Spicejet has made a dramatic turnaround in its fortune in past few years after seeing its operations nearly shut down in 2014.
