The Indian government yesterday announced final approval of an INR8 billion ($173.7 million) equity infusion into Air India parent National Aviation Co. of India, with the release of the funds "calibrated to the achievement of milestones laid down by the [cabinet]" including a 28% fleet reduction. The government said the equity "would not only ease the cash flow situation of the company but would also preclude borrowings from the markets at a high cost." AI lost ...

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