Low-cost carrier SpiceJet Ltd. expects consolidation in the Indian airline industry over the next 12 to 24 months and will look at buying opportunities, a senior official said on Wednesday."The next 12-24 months can see some consolidation in the industry as the landscape is too small for so many players," Chief Executive Sanjay Aggarwal said in a press meet.

"If the right opportunity is presented SpiceJet could be a buyer, we could look at consolidation opportunities," he added.In January, SpiceJet grabbed a market share of 11.8 percent in India's fragmented airline industry, the highest-ever for the budget airline, Aggarwal said.

India's airline industry consists of five budget carriers including SpiceJet, and three full service airlines.SpiceJet, which posted a net loss of about 180 million rupees in Oct-Dec, raised air fares earlier this month in a bid to boost margins.

Aggarwal said SpiceJet could break even in fiscal 2010 if economic conditions remain similar to what they are right now, and if prices of aviation turbine fuel (ATF) remain at current levels.

ATF prices, which make up about half of an airline's operating cost, has fallen to less than half of the 71,028 rupees a kilolitre peak hit in August 2008.SpiceJet has raised fares to an average 3,800-3,900 rupee levels now from 2,300 -2,400 rupee levels, and would require a load factor in "in the high sixties" to break even at current fares, he said.

Aggarwal expects "tough conditions" to persist in the airline industry for the next 12-18 months and the current Jan-March quarter to be rough for his company.February and March are typically off-peak months for airlines.The airline plans to induct at least three more aircraft into its fleet in 2010, he said.