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India’s decision allowing airlines to sell stakes of as much as 49 percent to overseas carriers may be most beneficial to operators least in need of investment.

Take off + Landing

SpiceJet continues to be profitable, while Kingfisher needs a capital infusion of $600 million to work its way back towards profitability. Photo by Praveen.

SpiceJet Ltd. (SJET), which has said it’s in “no rush” for funds, may be the most appealing target for foreign investors because of the discount carrier’s low debt and record of profitability, said Sharan Lillaney, an Angel Broking Ltd. analyst. Kingfisher Airlines Ltd. may struggle to win investment, even as billionaire Chairman Vijay Mallya seeks new financing, after posting at least five straight annual losses.