A SpiceJet aircraft landing at New Delhi airport. Photo: AFP

India’s low-cost airline SpiceJet, which has a market share of 12.3%, is considering new business tie-ups and diversifying beyond aviation in order to insulate itself from the challenges posed by high fuel costs.

The airline Chairman and Managing Director, Ajay Singh, revealed that SpiceJet was considering business partnerships with two American companies, one of them an international airline, Press Trust of India reports. Singh refrained from naming the prospective partners.

The SpiceJet chief hinted that the company would diversify into the cargo industry, including possible ventures in the courier and logistics sectors. He ruled out taking SpiceJet into the US passenger airline market.

In May, SpiceJet clocked up its highest ever passenger load factor of 94.8%, meaning that nearly 95% of its seats were filled. During the same period, the airline carried 1.5 million passengers.

In the quarter ending in March 2018, the airline reported a profit of 461 million rupees, its 13th successive profitable quarter.