Zongshen eyes stakes in seaplane operators

BEIJING - Zongshen Group, a manufacturer of generators and engines, plans to purchase a stake in the biggest seaplane airline in the Maldives this year, in an expansion aimed at becoming the world's No 1 operator of the aircraft, Chairman Zuo Zongshen said.

The company proposes to spend "billions of yuan" to buy into the Maldivian carrier, Zuo said, without elaborating. The group, based in the southwestern Chinese city of Chongqing, is also in talks to acquire a stake in Kenmore Air, a firm that operates seaplanes for scenic tours in the Seattle area.

Zongshen is among Chinese businesses at the forefront of global acquisitions, snapping up companies engaged in entertainment to airlines and hotels as they seek brands, technology and management expertise.