Ryan Air promoter to invest in SpiceJet

New Delhi: The ongoing consolidation process in the Indian aviation industry has caught the attention of foreign bigwigs too. Europe’s biggest low-cost carrier Ryan Air is learnt to be doing a due diligence of SpiceJet.
SpiceJet is trying to raise $ 40 million to fund its expansion plans as its current fleet strength of 11 will rise to 18 by next year and it is also nurturing with the idea of flying abroad.
According to current rules, foreign airlines can’t invest directly in an Indian carrier but its promoters can buy shares in their individual capacity, subject to a condition that 51% stake held by Indians. Declan Ryan of the Ryan family, who started the airline in 1985, held talks with SpiceJet management.
On its part SpiceJet denied that it was looking at Ryan for investment.
Ryan Air, which was started by the Ryan family with a share capital of Pound 1 and a plane and will boast of 163 planes next year, has been showing interest in Asian LCCs.
26/07/07 Saurabh Sinha/Times of India

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Categories: Foreign Jul 2007, SpiceJet Jul 2007