Emirates denies buying SpiceJet

Dubai-based Emirates Airline has termed reports that it is holding discussions with Indian carrier SpiceJetBSE -4.10 % for a stake in the airline as “inaccurate” and said that it was busy with its

Emirates denies buying SpiceJet

Dubai-based Emirates Airline has termed reports that it is holding discussions with Indian carrier SpiceJetBSE -4.10 % for a stake in the airline as “inaccurate” and said that it was busy with its own expansion plans.

SpiceJet is an Indian low-cost airline owned by the Sun Group of India. It has its registered office in Chennai, Tamil Nadu, and a corporate office in Gurgaon, Haryana. It began service in May 2005, and by 2012, it was India’s third largest airline in terms of market share, ahead of Air India, Kingfisher Airlines, and GoAir.

“In response to recent inaccurate stories in the media, Emirates can confirm it has no plans to acquire a stake in any airline in India or elsewhere,” an Emirates spokesperson told daily “Khaleej Times.”

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The spokesperson added that the carrier was “focused on its own growth” and was investing substantially in its own fleet and network expansion plans.

Earlier reports in India, quoting unnamed sources, had said that Emirates was in talks to pick up a stake in SpiceJet.

Last week, SpiceJet CEO Neil Mills put in his papers and rumors were fanned of a possible stake sale to a Middle East carrier.

This followed the clearance of a modified deal between Abu Dhabi-based airlines Etihad and India’s Jet AirwaysBSE -5.41 % by India’s Foreign Investment Promotion Board, under which the Etihad would get 24 percent stake in Jet Airways for Rs 2,058 crore.

Emirates flies 185 weekly flights to 10 cities in India. The airline has a weekly seat capacity of 54,200 from Indian cities to Dubai.

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