NEW DELHI India's cabinet approved on Wednesday plans to privatise debt-laden national carrier Air India, which has been struggling to turn a profit amid growing competition from low-cost rivals.After the cabinet meeting, Finance Minister Arun Jaitley told reporters the government had given an "in-principle" approval for the stake sale.
India will form a committee to decide on the finer details, including the size of the government's stake to be sold, he said.
Prime Minister Narendra Modi's administration has been exploring ways to privatise the national carrier, which was bailed out in 2012 with $5.8 billion of federal funding.
The government would also let the committee decide whether India would write off all or part of Air India's 520 billion rupees ($8 billion) in debt. (Reporting by Sudarshan Varadhan; Editing by Malini Menon and Mark Potter)
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Updated Date: Jun 28, 2017 21:45 PM