• Friday, October 07, 2022

Business

India allows 49 per cent foreign investment in state-run Air India

Air India has been in trouble for a number of years

By: Sarwar Alam

Foreign airlines will be able to buy up to 49 percent of Air India under new rules approved by the Indian government on Wednesday (10) to boost the debt-laden flag carrier. Once the country’s monopoly airline, Air India has slowly lost market share to new low-cost private players in one of the world’s fastest-growing airline markets. The government said last June it was open to selling a stake in the state-owned airline, which has developed a reputation for delays, cancellations and poor service. On Wednesday the cabinet rubber-stamped plans to allow foreign airlines to invest up to 49 percent in Air India, subject to government…

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