SpiceJet expects to fly overseas by next year

KOCHI: Domestic low-cost carrier SpiceJet on Friday said it may to start flights to overseas destinations with the relaxation of civil aviation policy for new carriers to fly abroad.

"By next year we expect to get a license to fly abroad. We will fly shorter destinations, which are similar to those we are operating in India," Spicejet Director Ajay Singh told media.

Asked about the possible destinations, he said it has not been finalised yet as the government policy was not clear.

"We have not finalised any destination. There is not much of clarity on the new aviation policy but we believe that government has relaxed norms for minimum flying experience to three years form the earlier five years," Singh said.

On the company's fleet expansion plans, he said with $350-400 million loan from the US Exim expected to be cleared the carrier would add 10 aircraft between 2009 and 2011.

"About $80 million raised recently through debt and equity has been used for advances for the 10 new planes," he added.

Currently, SpiceJet has 14 planes, which will be taken up to 19 by March 2008 and to 26 by December 2008. It would be starting its Delhi-Kochi direct flight by August 26, while it is already flying in the Delhi-Bangalore-Kochi sector.

On reports of stake sale in the company, Singh denied any such move. "We are expected to break even by March 2008, then what's the point of exiting when the company is going to make profit," he said adding that even the Kansagra family has told the board they were not selling their stake.

"But they are individual investors and they are free to take a decision," he added.