Is SpiceJet selling stake to Qatar Airways?

Indian low-cost carrier SpiceJet Ltd said on Friday it was in ‘exploratory and preliminary stage’ talks with potential investors who have shown an interest in putting money into the airline.

"A few parties have approached us and evinced interest in making investments into SpiceJet Limited," it said in a statement following a report in Economic Times that the airline was in talks to sell a stake to Qatar Airways.

"However, since the deliberations with such prospective investors are at an exploratory and preliminary stage it will be improper to comment on the specifics of any possible stake sale or the valuation of the company at this stage," SpiceJet said.

The carrier, which in May reported its first profit in seven quarters, has said on several occasions in the last year that it was in talks with investors about raising fresh capital.

The airline was forced to ground its fleet in December after running out of cash before being bailed out.

Qatar Airways said in May it would be interested in buying a stake in SpiceJet's low-cost rival IndiGo, one of several Gulf carriers looking to expand their footprint in India's rapidly-growing aviation market.

SpiceJet reports its results for the April to June period on Tuesday.