SpiceJet sets up subsidiary for real estate biz

No-frills airline SpiceJet today said it has incorporated a wholly-owned subsidiary that would engage in real estate business. The subsidiary 'Canvin Real Estate Pvt Ltd' has a paid capital of Rs 1 lakh. In a regulatory filing, the carrier said Canvin Real Estate is a newly incorporated company. "The company has incorporated this wholly-owned subsidiary which shall engage in real estate business," it added. The carrier has been working on ways to bolster its ancillary revenues. In the three months ended September this year, SpiceJet posted a 79 per cent rise in net profit at Rs 105.28 crore helped by higher passenger revenues as the airline stayed profitable for the eleventh straight quarter. It had a higher total income of Rs 1,838.49 crore in the second quarter of the current fiscal.