Is Kingfisher trying to woo SpiceJet again?

New Delhi: While SpiceJet is working out the $80 million deal with US distress fund owner Wilbur Ross, a leading Indian airline, it is learnt, has again approached the low-cost carrier (LCC) to consider its offer for a buyout.
Though the market buzz is that Vijay Mallya-owned Kingfisher contacted some senior SpiceJet officials on Wednesday, a spokesperson of Kingfisher, when contacted, did not want to comment on this speculation. Currently the legal teams of SpiceJet and Ross are finalising the agreements that would need to be signed, for the deal between them to become operational.
Top SpiceJet officials admitted that they are receiving several inquiries on the status of their deal with Ross, following last-minute renewed interests by some Indian carriers and industry buzz that Spice-Ross deal has hit an air-pocket.
"Usually paperwork of such kind of deals takes six to eight weeks. In this case, work is going on very fast and we expect to ink the same very soon," said SpiceJet director Ajay Singh, who owns about 4% stake in the LCC. Though he maintained that "a deal is through when it is finally signed."
08/08/08 Saurabh Sinha/Times of India

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Categories: Kingfisher Aug 2008, SpiceJet Aug 2008