NEW DELHI The cabinet on Wednesday approved a financial restructuring plan for national carrier Air India, which includes equity infusion by the government and restructuring of $4 billion in debt.
India's flagship-carrier has been hit by high fuel costs and cut-throat competition that has beset the country's aviation industry, in which only one of six airlines is currently profitable.
(Reporting by Nigam Prusty; Editing by Aradhana Aravindan)
Trending On Reuters
The Reserve Bank of India (RBI) kept its key lending rate unchanged on Tuesday, leaving the door open for more easing but making that dependent on meeting a challenging inflation target for 2017. Full Article