News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Rediff.com  » Business » DIPP against foreign airlines buying stake in Indian carriers

DIPP against foreign airlines buying stake in Indian carriers

Source: PTI
September 20, 2010 11:10 IST
Get Rediff News in your Inbox:

The commerce and industry ministry is not in favour of allowing foreign airlines to buy stake in Indian carriers on the ground that the sector is sensitive.

Besides, the view in the Department of Industrial Policy and Promotion (DIPP) is that no other major country permits investment by foreign airlines into their domestic operators. "It is not allowed even in the US, UK or any other major European country," an official said.

A section of the domestic airlines industry, facing huge financial crunch, has been demanding opening up the sector to foreign airlines.

According to the existing policy, while 49 per cent FDI and 100 per cent NRI investment is allowed in domestic airlines, there should not be any direct or indirect participation by any foreign airlines.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!