Chennai: Low-fare carrier SpiceJet Ltd said it is not desperate to raise funds from foreign airlines or private equity (PE) investors.

“We will look at foreign investors interests or a PE investor, but we are not in cash flow crisis, so at the moment we are not desperate for a deal," SpiceJet chief executive Neil Mills said on the sidelines of the company’s annual general meeting.

On discounts on fares being offered by airline companies, Mills said that the company has to react to competition.

Giving a discount beyond 30 days’ advance booking is welcome, but over-discounting will push airlines into a crisis, he said.

Mills said direct import of aviation fuel is expected to happen shortly and it is only a matter of getting operational approvals. Fuel imports will lower operational costs, but it will be difficult to provide an estimate of cost savings. Jet fuel accounts for 45% of the airline’s operating costs.

Shares of SpiceJet rose 6.05% and were trading at 37.70 in morning trade on BSE. The benchmark Sensex declined by 0.23% to 18,641.98