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ADIA builds up stake in Indian carrier SpiceJet

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, 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.

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