SpiceJet Ltd is too small an airline to acquire Air India, Chairman and Managing Director Ajay Singh told BloombergQuint, a day after its rival IndiGo expressed unsolicited interest in the debt-laden national carrier.

“We are not strong enough, or large enough to take on a large company like Air India,” Singh said at the launch of SpiceStyle, the e-commerce venture of the low-cost airline. The state-owned airline is a great asset which needs to be restored to a “glorious position in aviation”, he added.

The government on Wednesday gave its in-principle nod to sell a stake in Air India, which is currently saddled with a debt of over Rs 50,000 crore. It will set up a panel under Finance Minister Arun Jaitley to finalise the modalities.