The Indian government has approved the transfer of some of Air India’s debt and subsidiaries to a separate entity—an important step in the government’s latest effort to find a buyer for the airline. India’s cabinet, chaired by Prime Minister Narendra Modi, agreed to the establishment of a special purpose vehicle (SPV) called Air India Assets Holding Ltd. (AIAHL). The SPV will be used to “warehouse” INR294.6 billion ($4.1 billion) of the airline’s ...

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