India’s Kingfisher Airlines has rejected claims it is selling a stake to Abu Dhabi-based carrier Etihad Airways.

In a statement issued to India’s stock exchange, the airline said that the company has been in discussions with various investors, including Etihad Airways, for possible equity investments in the carrier.

“However no agreement has been reached either with Etihad or any other airline and the matters are merely at negotiation stages,” the statement read.

The Bangalore-based airline grounded its flights in October following employee strikes protesting non-payment of salaries. All Kingfisher flights currently remain suspended.

India announced in September that it would allow overseas operators to buy stakes in local airlines.