Deals
Modi Wants to Pump $330 Million Into Air India After a Failed Sale Bid
- Government seeks Parliament nod for 23 billion rupees of funds
- Plan to sell Air India had flopped as investors stayed away
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The government of Prime Minister Narendra Modi sought Parliament’s approval for an equity infusion of 23 billion rupees ($330 million) in Air India, effectively ruling out an immediate revival of its plan to sell the ailing carrier.
Modi’s bid to turn the airline profitable under his watch comes after the government failed to find any takers for its ambitious plan to privatize the national airline. Air India, which was offered along with $5 billion of its debt, is surviving on taxpayer bailouts after losing money for years.