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Cabinet approves Air India financial restructuring
April 12, 2012 / 7:28 AM / 6 years ago

Cabinet approves Air India financial restructuring

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

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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