Thursday, September 28, 2023

SpiceJet in active discussion with Middle Eastern airline for possible share sale

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Low cost delivery person SpiceJet would be actively talking to a Middle East carrier for a possible sale of shares.

SpiceJet Promoter Ajay Singh has an interest of approximately 60 percent in the budget airline. Sources said a major Middle Eastern airline has expressed interest in choosing a 24 percent stake and board seat in SpiceJet. A major Indian business conglomerate has also approached Singh for a stake in the airline.

Respond to the development, a SpiceJet spokesperson said, “The company continues to engage with various investors to secure sustainable financing and will make appropriate disclosures in accordance with applicable regulations.”

Earlier on Tuesday, SpiceJet said it has reached a full and final settlement with the Airports Authority of India (AAI) and has cleared all outstanding principal rights of the airport operator. With this, SpiceJet no longer sticks to ‘cash and carry’ AA run airports across the country and will return to the prepayment mechanism for daily flight operations. SpiceJet’s ability to settle the outstanding dues reflects the airline’s improved cash flow in recent times.

SpiceJet’s domestic network spans the length and breadth of the country and the airline flies to 51 domestic destinations. Pioneer of the regional connectivity system, SpiceJet is the country’s largest regional player helping to connect the most remote parts of the country by air.

The airline’s focus on providing direct flight connections to regional hubs not only improves connectivity, it also has a cascading effect on tourism and economic activity in the region. SpiceJet added several UDAN destinations on the country’s aviation map including Pakyong, Jharsuguda, Kandla, Darbhanga, Kanpur, Ajmer (Kishangarh), among other things.

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