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Loss-making SpiceJet to sell minority stake
Rohit Kaul, New Delhi, May 26, 2014
 

SPICEJET is in talks with an investor for the sale of a minority stake in the loss-making LCC, revealed a top official from the airline last week.

 

"We are in discussions with an investor for selling a minority stake and will sooner or later make an announcement in this regard," said Sanjiv Kapoor, COO, SpiceJet, who refused to divulge further details.

 

SpiceJet posted a net loss of Rs10.3 billion (US$176.3 million) in 2013/2014 and is now looking to raise funds through foreign investors and financial institutions, an option open to airlines since the Indian government last year implemented a policy allowing foreign carriers to own up to 49 per of domestic airlines.

 

Jet Airways became the first to use the option when it sold a 24 per cent stake to Etihad Airways (TTG Asia e-Daily, December 4, 2012).

 

Meanwhile SpiceJet has sought regulatory approval from India’s aviation authorities for 7,000 weekly seats to Qatar. It already flies to Dubai, Sharjah and Muscat.

 

Speaking on the carrier’s expansion plans, Kapoor said that the airline may add Dhaka to its international network and more flights to Dubai once repair works there are complete.

 

He also denied media reports that SpiceJet in discussion with Qatar Airways for the sale of its overseas parking slots.

 
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