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IndiGo on Wednesday said it was holding preliminary discussions with the Gulf carrier, Qatar Airways, 'to explore potential marketing arrangements' and was 'not selling its stakes'.
It dismissed reports suggesting a stake sale as 'baseless'.
This comes a day after Qatar Airways, in a statement, said the 'only airline it is talking to is Indigo'.
“IndiGo is in preliminary discussions with Qatar Airways to explore potential marketing arrangements based on mutual interests.
"However, news reports about any possibility of Qatar Airways acquiring a stake in IndiGo are completely baseless,” said the Indian carrier, in a statement, adding, “We wish to confirm that there is no discussion, leave alone a negotiation, about any potential equity or other financial investment by Qatar Airways in IndiGo.”
In May 2013, Qatar had said it was in talks with IndiGo for a code-share alliance. IndiGo is gearing up for an initial share sale of Rs 2,500 crore (Rs 25 billion).
InterGlobe Enterprises holds around 51 per cent stake in IndiGo and the rest is owned by Virginia-based Caleum Investments.
Earlier, a few reports had also suggested Qatar Airways was in talks to pick up stakes in SpiceJet. However, Qatar Airways had said it was not pursuing “any form of arrangements” with SpiceJet even in future.
"Similar news was disseminated in January 2013, and this appears to be a tactic to increase (its) market and share value," Qatar Airways had said.
SpiceJet Chairman Ajay Singh said in a press conference on Tuesday the airline 'has been approached by several investors, including airlines' but refused to name any.
