In what suggests a beginning of larger partnership, low-cost carrier SpiceJet has announced to enter into a code-share agreement with Dubai's flag carrier Emirates.

The development assumes significance as grounded Jet Airways' resurrection seems difficult throwing opportunity for other carriers to grab. So far, SpiceJet has led the race of capturing the domestic market share by inducting dozens of Jet's grounded B737 aircraft.

Abu Dhabi-based Etihad has 24 per cent strategic stake in now-grounded Jet Airways. Following the strategic investment, the two carriers significantly raised flight numbers on India-Abu Dhabi route and bolstered onward connect ions.

"SpiceJet, India's favourite carrier, and Emirates have signed a Memorandum of Understanding (MoU) to enter into a reciprocal codeshare agreement, which is set to open new routes and destinations for passengers travelling between India and popular destinations across America, Europe, Africa and the Middle East," the Gurugram-based carrier said in a statement.

The airline Chairman and Managing Director Ajay Singh said that the MoU is part of the airline's international expansion strategy.

"This new partnership should immensely benefit passengers travelling on both airlines. While SpiceJet passengers from across India will be able to enjoy seamless connectivity leveraging Emirates vast network across Europe, Africa, America and the Middle East, those travelling to India on Emirates will be able to travel to 51 destinations across our domestic network," he said.

SpiceJet had last Thursday had said it will induct as many as 27 planes in a record time of less than two weeks. The low-cost carrier is the second biggest carrier by domestic market share of 13.7 per cent (as on February). It has a fleet of 48 Boeing 737s, 27 Bombardier Q-400s and one B737 freighter.