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India ramps up privatization of state enterprises

Longtime loss-maker Air India among 23 companies up for sale

Air India has lost money amid fierce competition against private carriers such as IndiGo, below.   © Reuters

MUMBAI -- The Indian government has drawn up a list of 23 state-owned companies it wishes to sell off to the private sector by next March as part of an ambitious plan to balance the budget and revitalize industry.

The initiative stands to generate as much as 1.05 trillion rupees ($14.7 billion) in proceeds, the biggest sum in a single year under Prime Minister Narendra Modi. But the roster includes seven money-losing operations such as Air India, the flag carrier that no one seems to want.

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