The Indian government on Tuesday sought parliament approval to inject 9.8 billion rupees ($142.87 million) in ailing national carrier Air India during the current fiscal year, after efforts to find a buyer for its 76 percent stake in the carrier failed.
The government has “sought funds for infusion of equity in Air India under (its) turn around plan,” a statement tabled in the lower house of parliament said.
To fund the capital infusion in Air India and other sectors, the government has sought parliament’s approval for an additional net spending of 59.51 billion rupees, on top of the budgeted 24.42 trillion rupees for 2018/19.
India last month shelved a plan to sell a majority stake in the beleaguered airline due to lack of interest from bidders, in the latest setback in its ambitious efforts to rescue the carrier that has been kept afloat for years using taxpayer funds.
The government has “sought funds for infusion of equity in Air India under (its) turn around plan,” a statement tabled in the lower house of parliament said.
To fund the capital infusion in Air India and other sectors, the government has sought parliament’s approval for an additional net spending of 59.51 billion rupees, on top of the budgeted 24.42 trillion rupees for 2018/19.
India last month shelved a plan to sell a majority stake in the beleaguered airline due to lack of interest from bidders, in the latest setback in its ambitious efforts to rescue the carrier that has been kept afloat for years using taxpayer funds.