Emirates says has no plans to buy stake in Indian carriers

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Dubai's flagship carrier Emirates said on Monday it did not have plans to buy a stake in any Indian carrier, after India last week allowed foreign airlines to buy up to a 49 per cent stake in local carriers.

Ailing Kingfisher Airlines is banking on attracting a foreign airline to pump in money, while shares in budget carrier SpiceJet surged on Monday, as investors hoped for foreign investments.

Any global carrier eyeing a stake in an Indian carrier must weigh up the benefits of a market with high long-term growth potential but one that has been squeezed by high costs and fierce price competition.

"Emirates has no plans to acquire a stake in another airline in India or anywhere else," the airline said in a statement.

"We are busy focusing on the many aspects of our own growth including the launch of flights to five new destinations in as many months."