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Tue 27 Oct 2015 06:38 PM

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Qatar Airways chief rules out bid for stake in India's IndiGo

Decision comes as Indian's biggest airline by passenger numbers launched initial public offering

Qatar Airways chief rules out bid for stake in India's IndiGo
Indias low cost carrier IndiGo

The CEO of Qatar Airways, Akbar Al Baker, said on Tuesday that the airline will not be bidding for a stake in Indian's biggest airline by passenger numbers, IndiGO, which has launched an initial public offering.

In July, Qatar Airways said it was in talks with IndiGO about taking a stake, but IndiGO said it was not in talks with the carrier for a stake sale.

The initial public offering (IPO) of InterGlobe Aviation, the promoter of low-cost carrier IndiGo, received good response on the first day on Tuesday, with the qualified institutional investor (QIB) quota getting oversubscribed within the first hour.

The aviation company saw QIBs bidding for 97,45,590 shares, around 1.14 times the number of shares on offer in this segment.

Qatar has reportedly long sought a stake in IndiGo, India's biggest airline, in a bid to expand the Gulf carrier's foothold in one of the world’s fastest growing aviation markets.

Rival carrier, Abu Dhabi-based Etihad last year finalised a 24 percent purchase of Jet Airways, which also saw it gain thousands of additional seats in India’s highly regulated market.

Al Baker later told Reuters there was no confirmed date for the launch of Qatar Airways' domestic operations in Saudi Arabia, Al Maha Airways.

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