India News

India open to selling part of Air India to foreign airline: sources

FILE PHOTO: An Air India plane carrying Indian Prime Minister Narendra Modi arrives at Qingdao Liuting International Airport for the… POOL New June 27, 2019 09:37pm IST

NEW DELHI – India’s government is open to selling a partial stake in debt-laden state-run carrier Air India to a foreign airline, people familiar with the matter said on Wednesday.

The government has moved about 300 billion rupees ($4.21 billion) of Air India’s debt to a separate holding company, leaving the carrier with roughly another 300 billion rupees of debt, the people said.

The government will also likely invite preliminary bids for the carrier by Oct. 10, the sources added.

Reuters

Sep 18, 2019

Reporting by Aftab Ahmed in New Delhi; Writing by Sachin Ravikumar; editing by Uttaresh.VOur Standards:The Thomson Reuters Trust Principles.

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