Allow stake in Indian carriers: Foreign airlines urge govt
Published on Wed, Nov 11, 2009 at 12:37 | Source : Moneycontrol.com
Updated at Thu, Nov 12, 2009 at 08:10
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Allow stake in Indian carriers: Foreign airlines urge govt
The Cabinet is meeting on November 17 to decide whether foreign airlines can pick up stake in Indian carriers. They think an entry way should be paved for them.
Foreign airlines are showing a keen interest in buying stakes in Indian carriers, according to CNBC-TV18 sources.
As per current norms, the government allows a 49% foreign direct investment (FDI) in airlines but foreign airlines are not allowed to pick up stake. A Cabinet meeting on November 17 may consider re-visiting both rules.
Sources say international airlines like Virgin Atlantic, Emirates and Singapore Airlines and these companies have approached the Indian government urging it to change norms.
Foreign airlines say they do not see any security issue if the aviation sector is opened up for them.
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