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

Related Topics

Polluted waters of China

Polluted waters of China

Growing cities, overuse of fertilizers, and factory wastewater have degraded China's water supplies to the extent that half the nation's rivers and lakes are severely polluted.  Slideshow 

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Top News

REUTERS SHOWCASE

Kerry's India Visit

Kerry's India Visit

Kerry presses India on WTO deal ahead of arrival  Full Article 

Big Infra Deal

Big Infra Deal

Piramal, Dutch APG tie up for $1 bln infra investment  Full Article 

E-Commerce

E-Commerce

Amazon says to invest $2 billion more in India   Full Article 

Lupin Results

Lupin Results

Q1 net profit up 56 percent on higher U.S. drug sales   Full Article 

L&T Slumps

L&T Slumps

L&T earnings raise 'multiple red flags' - Citi  Full Article 

Twitter Results

Twitter Results

Twitter assuages growth concerns for now as shares soar 35 percent  Full Article 

Auto Sector

Auto Sector

VW closes in on Toyota as global auto leader  Full Article 

Fed Meeting

Fed Meeting

Fed seen trimming bond buys, could offer vague rate clues  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage