The company said that it has expressed this intent with a view to creating a strong and viable airline in a possible combination with SpiceJet.

The board of the company had recently approved and initiated process of raising fresh capital of about US$ 270 million to strengthen its financial position and provide resources to invest in growth plans.

SpiceJet is engaged in the business of providing air transport services for the carriage of passengers and cargo.

The low-cost air carrier’s consolidated net loss narrowed to Rs 448.99 crore in Q2 FY24 as compared with a net loss of Rs 833.32 crore in Q2 FY23. Revenue from operations slipped 29% year on year to Rs 1,347.52 crore in the quarter ended 30 September 2023.

The scrip ended 2.91% higher at Rs 66.08 on the BSE today.