Cabinet approves Air India financial restructuring

NEW DELHI Thu Apr 12, 2012 12:54pm IST

Air India aircrafts stand on the tarmac during heavy rains at the Indira Gandhi International Airport in New Delhi July 15, 2010. REUTERS/B Mathur/Files

Air India aircrafts stand on the tarmac during heavy rains at the Indira Gandhi International Airport in New Delhi July 15, 2010.

Credit: Reuters/B Mathur/Files

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NEW DELHI (Reuters) - 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)

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