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
In a rare interview India's former PM Manmohan Singh criticised his successor Narendra Modi's government for failing to take advantage of lower commodity prices to propel economic growth and an inconsistent policy towards neighbour Pakistan. Full Article