• Monday, May 23, 2022

Business

India eyes sale of its debt-laden airline

Air India has been in trouble for a number of years

By: Eastern Eye Staff

New Delhi is hoping to privatise Air India to make the ailing national carrier more competitive, but experts say debts of at least $8 billion (£6 billion) could deter buyers. India’s finance minister said on Wednesday the government had approved a plan to sell a stake in Air India, which has long struggled to compete with privately-owned rivals. India has the world’s fastest-growing passenger airline industry, expanding at an annual rate of around 20 per cent and the sector holds vast untapped potential. But its loss-making state airline is plagued by a reputation for delays, cancellations and poor service. Efforts to privatise the airline — a huge drain on state coffers —…

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