SpiceJet undecided on Modi stake

But SpiceJet said Modi owned only 12 per cent of the airline through investment firms.

A chunk of this stake has been pledged as collateral to firms like Reliance Capital, DCM, the Leela Group and others.

‘‘Part of the shares held by Modi have been pledged to various creditors, some of who have approached courts to take control of the pledged shares,’’ said Sharma.

The conflict between the carrier’s promoters and Modi came out in the open following reports on the Hindujas buying stake in the carrier. Modi had objected to the deal in a petition, which was overruled by the Delhi High Court on July 15.

The court also accepted the Kansagras’ move to pay 50 per cent of the creditors’ dues in order to get Modi’s shares released.

Modi had opposed the settlement scheme, saying the share transfer to Royal Holdings (SpiceJet’s earlier name) had never happened, while the Kansagras said the transfer had been cleared by Sebi in 2001 and FIPB.

But the company denied the reports on Hindujas. ‘‘We are not interested in selling any stake to anybody and neither are we talking to anyone at the moment.

The Hindujas might have expressed their personal interest,’’ Sharma said.

For now, the airline is raising $90 million through Foreign Currency Convertible Bonds (FCCBs) to buy aircraft.

Orders for 10 Boeing 737-800s have already been placed and the first delivery is to take place in January 2006, Sharma said.

‘‘By the end of 2006, SpiceJet should have four purchased aircraft and four leased ones,’’ he added.

The airline plans to expand its fleet to 20 — all Boeing 737-800s — by 2008-end.

Regarding the soaring jet fuel prices, Sharma said the airline may pass 3 per cent as fuel surcharge to customers. ‘‘This would be around Rs 35 on the fares,’’ he said.

(The writer was in Goa at the invitation of SpiceJet)