Thursday, Mar 22, 2012
NEW DELHI (Dow Jones)--Emirates Airline Chairman Sheikh Ahmed bin Saeed Al Maktoum said Thursday the carrier is open to investing in India, but added that he isn't specifically talking about buying a stake in cash-strapped Kingfisher Airlines Ltd. (532747.BY).
Kingfisher Airlines has previously spoke about a foreign airline being interest in a stake, without naming the carrier. India's government has in principle approved allowing foreign carriers to buy 49% of local airlines, but a formal announcement is awaited.
Speaking to reporters after meeting with Indian Aviation Minister Ajit Singh, Sheikh Maktoum, however, said the airline would seek investments that it deemed "profitable."
Singh said the meeting was about Emirates's request for additional flying rights in India. Currently, Emirates is allowed to fly 53,000 seats in and out of India every week, while Indian carriers have a similar quota in the United Arab Emirates.
The minister said that while Emirates is fully utilizing its quota, Indian carriers would take another six months to do so in the UAE.
He said that additional flying rights would be considered bilaterally, when both Indian carriers and Emirates Airline request for it.
- By Nikhil Gulati, Dow Jones Newswires; 91-11-4356-3358; prasenjit.bhattacharya@dowjones.com
(END) Dow Jones Newswires
22-03-12 0801GMT
