Mumbai: The Tata's are all set to pick up an 8 per cent stake in the low cost airliner Spice Jet. A company spokesperson confirmed, "Tata group through a financial arm of the company is going to pick up less then 10 per cent stake in Spice Jet."
However, the spokesperson said the development should be seen as a "financial investment" and not as a "strategic investment" of the company.
"We will be picking up a minority stake in the London-based Kansagara family-owned but this is not our re-entry into aviation business," the spokes person said.
Investment banking sources said Tata was likely to pick up a 7.5 to 8 per cent stake at about Rs 60-65 per share.
The maximum stake is held by Ajay Singh, who is on the board of directors followed by the London-based Kansagra family.
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