Cabinet approves Air India financial restructuring
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)
- Tweet this
- Share this
- Digg this
- U.S. SEC to pay $30 million-plus in largest whistleblower award
- Housing data hits Wall Street; S&P has worst day since August 5 |
- Apple sells more than 10 million new iPhones in first 3 days
- US STOCKS-Housing data hits Wall St; S&P has worst day since Aug 5
- India's Mars mission a step closer to success with engine test
The finance ministry is increasingly optimistic that it can meet a tough fiscal deficit target, helped by a 12 percent decline in global crude oil prices since Prime Minister Narendra Modi took charge in May. Full Article