"If Jet, which is run by Naresh Goyal, one of India's richest men, pursues its interest in BMI, it would signal another important step by Indian companies on to the global stage," the paper said. The approach, made by an unidentified third party to test the waters, was made in conjunction with a leading Middle Eastern airline, most probably Emirates, said the paper quoting "a person familiar with the situation."

Jet, thought to be one of the world's fastest-growing passenger carriers, recently added London to its destinations, and is thought to be one of finest serving this route. But the interest in BMI is more about the US sector. As the owner of 11% of the take-off and landing slots at Heathrow Airport, the future ownership of BMI has become one of the hottest topics in the aviation industry.

The value of BMI's 83 'slot pairs' - only British Airways has more - has rocketed following last year's open skies deal between the European Union and the US, which opens up Heathrow to new competitors from April this year. At present, only four airlines are allowed to fly the highly lucrative routes between Heathrow and the US - BA, Virgin Atlantic, American Airlines and United Airlines.

Analysts at ABN Amro said earlier this month: "We expect a major change in UK aviation in 2008 - not as a result of open skies, Terminal 5, recession or oil - but rather resolution of BMI's future."