Skip to content Skip to Search
Skip navigation

ADIA builds up stake in Indian carrier SpiceJet

By Pramod Kumar
ADIA started acquiring Spicejet shares from the open market in late February Creative Commons
ADIA started acquiring Spicejet shares from the open market in late February

Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, has acquired shares in India’s budget carrier SpiceJet, according to Indian media reports.

“ADIA has acquired shares of the airline from the open market,” a SpiceJet spokesperson told moneycontrol.com, an Indian financial website.

No details were given on the percentage of the stake acquired and its value.

ADIA started acquiring the airline’s shares from the open market in late February, sources told the news website.

Spicejet has raised Rs10.6 billion ($128 million) through preferential issuance of securities to streamline its balance sheet and resolve outstanding issues with lessors.

The ownership of foreign institutional investors in SpiceJet has surged from 0.3 percent in December 2023 to 6.2 percent in February 2024.

Reuters last month reported that ADIA was planning to set up a $4-5 billion fund to invest in India through a tax-free finance hub in the Indian state of Gujarat.

The sovereign fund and its wholly-owned subsidiaries have been exempted from long-term capital gains taxes from Indian investments until March 2025.

Latest articles

Saudi Arabia’s industry and mineral resources minister Bandar Al-Khorayef. The country is struggling to meet an FDI target of $100bn a year by 2030

Saudi industry minister tempts investors with funding incentives

Saudi Arabia’s ministry of investments and mineral resources is prepared to finance up to 75 percent of industrial projects in the country, as the kingdom tries to boost its low foreign direct investment (FDI) numbers.  Bandar Al-Khorayef, the minister of industry and mineral resourcespointed to well-developed infrastructure across 36 industrial cities, prefabricated factories ready to […]

Women working at a textiles factory in Izmir; Turkish manufacturing has been hit by rising costs and interest rates but economic growth is still anticipated

Turkish manufacturers waver on economic prospects

Turkey’s manufacturers are uncertain about the national economy’s prospects, with a report showing a slowing of new orders and an easing of output partly being offset by stronger inventory increases and expectations of a modest release from inflationary pressures.  The latest survey of Turkish manufacturers, conducted by Istanbul Chamber of Commerce and ratings agency Standard […]

A residential complex in Dubai after last month's flooding. 'Backlogs of work increased considerably in April,' said S&P

Flooding dents UAE business confidence but optimism remains

Business and consumer confidence in the UAE was hamstrung by last month’s heavy rain and flooding, leading to the slowest increase in orders since February 2023, according to a business sentiment survey published on Friday. Private business activity in the non-oil sector still showed significant growth in April amid a “robust” economic landscape and the […]