Tuesday, August 06, 2013

SpiceJet in talks with Tigerair for stake sale

Mumbai: No-frills carrier SpiceJet is in active discussions with Singapore-based budget carrier Tigerair for a possible stake sale even as they are set to sign a code share agreement soon, sources said.
According to sources, SpiceJet promoter and media baron Kalanithi Maran may offload up to 24 per cent to Tigerair as the airline faces fall in profits and attempts to retire debt, the sources familiar with the development said.
The Chennai-based airline reported a 10 per cent fall in its net profit in the June quarter.
"SpiceJet and Tigerair have already held two rounds of talks for a possible equity deal as promoter Maran is looking for the FDI route for further funds infusion," sources said.
The discussions between the two on code-share are at the concluding stage and an announcement to this effect may come in any time now, according to sources.
06/08/13 PTI/Economic Times