Mallya meets Sharma on FDI in aviation Mallya meets Sharma on FDI in aviation
The meeting comes in the backdrop of a government proposal seeking
permission to allow foreign carriers to pick up stake in domestic
airlines.
PTI - New Delhi,
- Updated Apr 12, 2012, 3:21 PM IST
Kingfisher Airlines Chairman Vijay Mallya
Crisis-hit
Kingfisher Airlines Chairman
Vijay Mallya on Wednesday met Commerce and Industry Minister Anand Sharma.
The meeting comes in the backdrop of a government proposal seeking permission to
allow foreign carriers to pick up stake in domestic airlines .
FULL COVERAGE: How Kingfisher landed itself in this mess The Industry Ministry has circulated a Cabinet note for the same.
India now does not permit foreign airlines to buy stake in domestic airlines, although foreign investors are allowed to hold 49 per cent.
Accepting a major demand of the cash-strapped aviation industry, the government on January 17 decided to launch the process to allow foreign airlines picking 49 per cent stake in Indian carriers.
ALSO READ: Kingfisher Airlines barely managing to stay in the airAllowing foreign airlines to buy stake in domestic carriers is expected to benefit Kingfisher Airlines, which is burdened by a debt of over Rs 7,000 crore.
Kingfisher is strongly pitching for permission to allow foreign airlines to invest in domestic carriers.
PERSPECTIVE: Kingfisher's loss whose gain? Kingfisher shares closed 6.43 per cent up at Rs 19.85 today on the BSE.
Published on: Apr 11, 2012, 10:36 PM IST
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