Manufacturing Industry
Indian Airlines likely to get government go-ahead for fleet expansion - report
Airline Industry Information, Nov 9, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
The Indian government is reportedly likely to support Indian Airlines' plan to expand its fleet by providing a sovereign guarantee for INR100.89bn to buy 43 aircraft.
The airline's plan has been on the table for two years but was delayed due to India's general elections. No formal decision has been made on the funding but the Indian prime minister and finance minister are said to be in favour of the deal as the government tries to strengthen the country's domestic airlines before taking a decision on whether to allow foreign airlines to invest in them.
The country's Central Vigilance Commission has given approval for negotiations on price to begin and a full proposal will be presented to the Public Investment Board on 10 November 2004, reports Asia Pulse.
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