The move comes amidst expectations that the government would allow foreign airlines to invest directly in Indian carriers.
The discussions with the two airlines were, however, at a preliminary stage, the newspaper has reported.
India's aviation industry has been passing through difficult times with most of the airlines reporting huge losses and being saddled with debt. Companies are faced with high costs of aviation turbine fuel and taxed, which has resulted in mounting losses. Many of the airlines have delayed salaries and are already cash strapped.
As such the ability to rope in foreign partners is a welcome move for the aviation industry, which might see fresh cash infusion from foreign partners. The shares of SpiceJet were up marginally in trade today.