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Aviation Ministry Approves FDI Up To 26% In Indian Airlines
December 12, 2011
 
Aviation Ministry Approves FDI Up To 26% In Indian Airlines
   


http://www.travelbizmonitor.com/aviation-ministry-approves-fdi-up-to-26-in-indian-airlines-15132

12 December 2011

Mumbai:
The Civil Aviation Ministry has agreed to the proposal for allowing foreign carriers to buy up to 26 per cent stake in private airlines, sources said. Earlier the ministry had proposed to fix a cap of 24 per cent on foreign direct investments (FDI) by overseas carriers. "It (Civil Aviation Ministry) has come on board for 26 per cent FDI," a senior government official said. He declined to divulge the details, according to a report by PTI.

The Department of Industrial Policy and Promotion had proposed the 26 per cent FDI by foreign airlines into the domestic industry, in the backdrop of private carrier Kingfisher Airlines slipping into a severe debt crisis and several others facing resource crunch.

The Home Ministry and the Planning Commission have already supported the draft cabinet note in this regard. The Finance Ministry has also given the green signal to the proposal, with a rider that such investments should not violate SEBI's takeover code. Currently FDI of up to 49 per cent is permitted in aviation services like cargo handling, but foreign carriers are not allowed.