Gulf carrier Qatar Airways said it is in advanced talks to invest in India’s biggest airline IndiGo.
"Qatar Airways confirms that the only airline it is talking to is the Indian carrier IndiGo," it said, keen to dispel earlier reports suggesting it may purchase a stake in Indian rival carrier SpiceJet.
Qatar said the Spicejet rumours were a cynical attempt to ‘influence share valuations.’
"Similar news was disseminated in January 2013, and this appears to be a tactic to increase market and share value," it added.
IndiGo has a 40% share of the domestic market in India and is one of the few carriers to operate profitably in an increasingly crowded market.
Qatar Airways would be eyeing a major stake of up to 49% although IndiGo’s owner has said in the past it has no plans to sell.
"We don’t go and just do 5%. We would always take a bigger share," Qatar CEO Akbar Al Baker said recently of its investment strategy.
Fellow Gulf carrier Etihad Airways has a 24% stake in Indian airline Jet Airways.
