Mumbai: The board of SpiceJet Ltd. will discuss Friday exercising options for 15 Q400 turboprop planes of Canada's Bombardier Inc., the chief executive of India's second-largest budget carrier by market share said Tuesday.
Neil Mills also said that the airline will consider selling some stake to a foreign carrier if permitted under Indian law.
"This [firming up the options] will be one of the many topics discussed," Mr. Mills said by phone. "We are not obliged to make an immediate decision on whether to exercise the option or not... we have a lot of time for that."
SpiceJet placed in December a firm order for 15 Q400 planes valued about $446 million at list price with options for another 15 planes.
The airline has received six of those planes so far and pressed five into service. The remainder aircraft are scheduled to be delivered by July next year.
On selling a stake to a foreign airline, Mr. Mills didn't disclose the possible methods that could be used to sell the stake. "We will consider as long as the airline joins as a strategic investor," he said.
08/11/11 Anirban Chowdhury/Wall Street Journal
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