With the finance ministry on board, the proposed move to allow foreign carriers to pick 49 per cent stake in domestic airlines may soon get Cabinet nod. The move is one of the measures that will help the troubled sector out of the current financial distress and enable domestic carriers including Kingfisher Airlines find investors to keep the itself afloat.
“We are on board with the proposal. It is up to the civil aviation ministry to take it forward now,” a finance ministry official said. Another official from the civil aviation ministry said his ministry has already given its nod to the Department of Industrial Policy and Promotion (DIPP), the nodal ministry for taking the proposal to the Cabinet. “It should come up for the Cabinet’s consideration soon,” the official told The Indian Express. Officials in the DIPP said that the department had undertaken an analyses of foreign investment norms in other countries.
06/04/12 Smita Aggarwal/Indian Express
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