New Delhi: Even as the Government is working on allowing foreign airlines to pick up equity in domestic carriers, the proposal seems to have found no takers from Gulf carriers.
Gulf carriers such as Emirates have widely been perceived as being keen on buying equity in domestic Indian carriers.
A person familiar with the development told Business Line, “Enquiries have come from various airlines and private equity funds.
Carriers are from the western and eastern countries but not a single Gulf carrier has made an enquiry.”
He refused to divulge names of the carriers shown interest in the proposal. The Department of Industrial Policy and Promotions (DIPP) has floated a note allowing foreign airlines to buy up to 26 per cent equity in domestic airlines.
Currently, barring foreign airlines (direct or indirect), foreign investors can invest up to 49 per cent in any scheduled domestic airlines. Scheduled domestic airlines are defined as any carrier which operates with minimum of five aircraft and a fixed schedule.
22/12/11 Shishir Sinha & Ashwini Phadnis/Business Line
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