No intention to sell stake: SpiceJet


New Delhi : Budget carrier SpiceJet Monday said it had no intention of selling its stake as it was "one of the best-funded airlines" in India.

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The airline was reacting to comments by Vijay Mallya, the promoter of Kingfisher Airlines, that he was "interested" in the rival carrier.

"SpiceJet strongly denies this and would like to reiterate that there is absolutely no plan to sell any stake in the company to anybody," the airline said in a statement.

"SpiceJet is one of the best-funded airlines in the country with a large cash reserve to fund it expansion. There is no requirement to raise any funding at this time," the statement added.

Mallya had said in Mumbai Friday that he was "interested" in SpiceJet but added that neither he nor the management of the rival carrier had initiated talks on the mater.

"I am not a predator," he said. "If SpiceJet is interested, I am sure they'll invite me," Mallya added.

SpiceJet said its financial strength could be gauged from the fact that it has recently placed orders for 10 Boeing 737-800 at a cost of $700 million at list price.

"Our largest stakeholders, the Kansagras, Ajay Singh and the Istithmar Holdings, are long term investors and have strongly dismissed speculation of any stake sale."

Last month, Mallya had acquired 26 percent stake in another rival Air Deccan for Rs.5.5 billion ($135 million) and the deal had materialised despite persistent denials earlier of any such proposal by the latter's management.