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India to inject $340m into debt-laden Air India

State comes to rescue after stake sale fails

Air India has been incurring losses over the years.   © Reuters

MUMBAI (NewsRise) -- India plans to pump in about 23.5 billion rupees ($336 million) as equity capital into state-run Air India, breathing a fresh lease of life into the nation's flag carrier struggling with a mountain of debt and losses.

The government has sought parliament's approval to inject the funds in the current fiscal year that ends in March, according to parliament documents. The move will result in a net cash outgo of about 23 billion rupees, while the remainder will be funded through savings, the documents showed. In 2012, New Delhi had sunk in $4 billion to revive the cash-strapped carrier.

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