Talks on bailout package for Air India at 'advanced stage,' says Jayant Sinha
Updated : September 26, 2018 01:09 PM IST
The government has been working on a package for Air India after plans to sell a majority stake in the debt-laden airline failed this year due to a lack of interest from bidders.
Air India, which has survived for years with help from taxpayers, has asked the government for Rs 2,121 crore ($292 million) in additional equity to pay the carrier's bills to vendors.
Jet Airways, India's largest full-service carrier, and state-owned Air India are struggling to stem losses in the world's fastest-growing domestic aviation market, where competition is intense and fuel taxes are high.