Monday, February 4, 2013

NEWS | Fly more, earn more

Civil aviation sector has gone into deep trouble in the last couple of years, with near bankruptcy of Kingfisher airlines and rising losses of other carriers. To rescue them from financial troubles, some aviation companies have been lobbying for easing norms for foreign investment in this sector. Significantly,
though 49 per cent foreign investment was permitted in civil aviation sector, Indian companies were not allowed to sell their shares to foreign companies prior to September 2012. These companies can now also sell their shares to foreigners up to 49 per cent. Public sector carrier, Air India is on the brink of bankruptcy. Some time back, government gave Rs 30,000 crore rescue package to Air India. Private companies also wanted similar package, but the government flatly declined it.

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