UB Group chairman Vijay Mallya seeks to acquire 26 % stake in SpiceJet for which he will have to disburse up to Rs 155 crore.

Gulf-based fund Istithmar and the UK-based Bhulo Kansagra family hold 26.33% in spice jet, which is estimated to be around Rs 600 crore, while, Mallya is still trying for a settlement with both Istithmar and Kansagra. If the deal materializes, Mallya will become the sole leader of Indian aviation operating the intact domain under brand name of Kingfisher and use Deccan and SpiceJet planes for low cost flights, thereby entering the big league of giants like AI or Jet that operate both Boeing and Airbus fleet.

Due to high oil prices, all the airlines are suffering huge losses. Resultantly, Kansagra now wants to quit the business with Indian aviation that he started in 1990,s as he can not bear any more monetary losses.

The Tatas denied the conjecture about the company’s plan to investment in the Spice Jet.

However, the airline is looking for investors and also plans to raise $100 million from the market.