Business Daily from THE HINDU group of publications
Wednesday, Jan 23, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Jan 23, 2008 ePaper | Mobile/PDA Version |
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Airlines Istithmar has no plans to exit SpiceJet Our Bureau New Delhi, Jan. 22 Istithmar, the private equity arm held by Government of Dubai, has no plans to exit the investment that it has made in the low-cost airline SpiceJet, the Chief Executive Officer, Mr Tom Ronell, said on Tuesday. “We are not selling the investment made in Spice and would look to increase the stake at an opportune time. We have been talking to other investors about increasing our stake. In the long run, there is tremendous scope in the airline,” Mr Ronell said at a press conference. At the moment, Istithmar has a 13.42 per cent stake, and has 7 per cent in convertible bonds, which when exercised would see their holding going up. The bonds are due for conversion in December 2010. Asked whether Istithmar would be interested in entering into helicopter and sea plane business here as the Government plans to allow 100 per cent FDI in both the sectors, Mr Ronell said that the proposal could be considered. “There would be a local partner if we decide to enter either of these two sectors,” Mr Ronell said. Istithmar was one of the subscribers to the FCCBs issued by SpiceJet in December 2005 to raise $80 million. More Stories on : Airlines
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