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abstrak:BENGALURU, Oct 13 (Reuters) - Indias IndiGo (INGL.NS) co-founder Rakesh Gangwal is in talks to buy a
BENGALURU, Oct 13 (Reuters) - Indias IndiGo (INGL.NS) co-founder Rakesh Gangwal is in talks to buy a \“sizable\” stake in troubled domestic airline SpiceJet , ET Now reported on Friday, citing sources.
The news sent SpiceJets shares up as much as 20%, before closing 19.4% higher.
Cash-strapped SpiceJet, which is \“struggling to stay afloat\”, has been scrambling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector.
SpiceJet, whose market share slid to 4.4% as of September-end from 7.3% at the end of January, did not immediately respond to Reuters request for comment on the report.
Gangwal, who along with his wife Shobha Gangwal holds 16.22% in IndiGo-operator InterGlobe Aviation, could not be immediately reached for comment.
Gangwals Chinkerpoo Family Trust holds a 13.5% stake in Indigo, according to exchange data.
IndiGo shares closed up 1% on Friday.
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